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On March 25 2013 Microchip Inc. a US company borrowed 1 million Euro on a one-year note at a per annum interest rate of 8%.

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On March 25 2013 Microchip Inc. a US company borrowed 1 million Euro on a one-year note at a per annum interest rate of 8%. Interest is payable and the note comes due on March 25 2014. The following exchange rates apply. Date US Dollars per Euro 25 Mar 2013 1.55 31 Dec 2013 1.56 25 Mar 2014 11.47 Please prepare the related journal entries in the year 2013 and 2014

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