On March 1, 2016 The American Company borrowed 1,000,000 euros when the euro was worth $1.25. This 3 year 10% loan pays interest each September 1 and March 1.

On September 1, 2016 the Euro was worth $1.30

On December 31, the Euro was worth $1.33

On March 1, 2017 the euro was worth $1.28

on September 1, 2017 the Euro was worth $1.24

On December 31, 2017 the Euro was worth $1.19

On March 1, 2018 the Euro was worth $1.15

On September 1, 2018 the Euro was worth $1.10

On December 31, 2018 the Euro was worth $1.11

On March 1, 2019 the Euro was worth $1.08

REQUIRED:

1. MAKE ALL THE NECESSARY JOURNAL ENTRIES FOR THE AMERICAN COMPANY FOR 2016, 2017 AND 2018