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On January 1, 2015 the American Company borrowed 500,000 euros when the euro was worth $2. Information about this loan is as follows: Term of
| On January 1, 2015 the American Company borrowed 500,000 euros when the euro was worth $2. | |||||||||
| Information about this loan is as follows: | |||||||||
| Term of loan | 3 years | ||||||||
| interest payment dates | July 1 and January 1 of each year | ||||||||
| interest rate | 10% | ||||||||
| On July 1, 2015 the Euro is worth $2.11 | |||||||||
| On December 31, 2015 (January 1, 2016) the euro is worth $2.09 | |||||||||
| On July 1, 2016 the Euro is worth $2.05 | |||||||||
| On December 31, 2016 (January 1, 2017) the Euro is worth $1.99 | |||||||||
| On July 1, 2017 the Euro is worth $1.98 | |||||||||
| On December 31, 2017 (January 1, 2018) the Euro is worth $2.01 | |||||||||
| Make all necessary journal entries American Company makes connected with this loan [begin with getting the cash and signing the note] | |||||||||
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The Official IRS Tax Guide To Auditing Horse Activities Prepare Your Horse Operation To Withstand An IRS Audit Using The Samw Manual IRS Agents Use
Authors: IRS
1st Edition
092934670X, 978-0929346700
