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On November 30, 2021, Tarling Company negotiated a one-year 180,000-ranc loan from a foreign bank at an interest rate of 4% per year. Interest
On November 30, 2021, Tarling Company negotiated a one-year 180,000-ranc loan from a foreign bank at an interest rate of 4% per year. Interest payment is made at maturity date on November 30, 2022, and the principal will be repaid on November 30, 2022. Taring prepares U.S-dollar financial statements and has a December 31 year-end. Relevant exchange rates are as follows: Date U.S. Dollar per Franci November 30, 20211 $0.40 December 31, 2021 $0.48 November 30, 2022 10.44 Required: Prepare all journal entries related to this foreign currency borrowing
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