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Please Anwser ASAP ITS TIMED AND I WILL GIVE A RATING!! On May 20X9. All-Man Imports Ltd. (AML) obtained a five-year loan from a major
Please Anwser ASAP ITS TIMED AND I WILL GIVE A RATING!! On May 20X9. All-Man Imports Ltd. (AML) obtained a five-year loan from a major New York bank. The loan is for US$27,000,000, bears interest of 7% per annum (paid annually on the loon anniversary date), and matures on 31 December 20X14. AML reports in Canadian dollars. At the date the note was issued, the exchange rate was US$100 - Con$0.95. On 31 December 20X9, the exchange rate was US$100.cdn50.91, and the average exchange rate for the last 8 months of the year was US$100 - Cdn$0.94 Required: 1 Prepare the journal entry to record the loan on May 20x9 (if no entry is required for a transaction event, select "No journal entry required in the first account field.) View transaction dat Journal entry worksheet Record the loan granted Banana Det Credit T 2-4. What amounts relating to the loan will appear on AML's statement of financial position on 31 December 20X9? (Do not round Intermediate calculations.) Long-term not payable Accred forest payable 26. What amounts are included in earnings for 20x9? (Do not round intermediate calculations.) est expense Foreign exchange gain
Please Anwser ASAP ITS TIMED AND I WILL GIVE A RATING!!
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