On August 1, 2020, Max Company negotiated a 2-year 900,000 Thai baht ( ) loan from a foreign bank at an interest rate of 8% per year. Interest payments are made annually on August 1 (2021 and 2022), and the principal will be repaid on August 1, 2022. Max Company prepares US dollar financial statements on December 31st of each year. Prepare all journal entries related to this foreign borrowing assuming the following exchange rates: Date Exchange Rate 8/1/20 B 1 $0.43 12/31/20 B1 = $0.47 8/1/21 B1 = $0.40 12/31/21 8120 B1 $0.50 $1.70 8/1/22 B1 = $0.52