Moose Utilities Ltd. (MUL) borrowed $40,000,000 in U.S. funds on January 1, Year 1, at an annual interest rate of 12%. The loan is due on December 31, Year 4, and interest is paid annually on December 31. The Canadian exchange rates for U.S. dollars over the life of the loan were as follows: January 1, Year 1 December 31, Year 1 December 31, Year 2 December 31, Year 3 December 31, Year 4 C$1.159 $1.168 C$1.160 C$1.152 C$1.155 Exchange rates changed evenly throughout the year. Required: (a) Prepare journal entries for MUL for Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the receipt of loan amount. Note: Enter debits before credits. General Journal Debit Credit Date January 1, Year 1 Record entry Clear entry View general journal Journal entry worksheet Record the exchange loss. Note: Enter debits before credits. Date Debit Credit December 31, Year 1 No journal entry required Accounts payable Accounts receivable Cash - Record entry Clear entry View general journal Journal entry worksheet