On January 1st 2018 American Company borrowed 1,000,000.00 when the pound sterlling was worth $1.50 This 8% 3 year loan has interest payments on July 1 and January 1 each year with the entire principle due at maturity Additional information is due as follows: spot rates per pound 1/1/2018 1.50 7/1/2018 $ 1.65 12/31/2018 $ 1.60 7/1/2019$ 1.75 12/31/2019 $ 1.80 /1/2020 $ 1.76 2/31/2020 1.55 REQUIRED: Make the necessary journal entries connected with this loan beginning January 1, 2018 and ending with the paying off of the loan on January 1, 2021