PLEASE ONLY ANSWER WHEN YOU ARE $100\%$ SURE YOUR ANSWER IS CORRECT AND ANSWER ALL THE QUESTIONS $1$ AND $2($QUESTION $2$ WILL BE PROVIDED IN TEXT BELOW$).$I will leave a thumb down and report you to Chegg if your answer is incomplete or incorrect! Thank you!

On $1$ May $20$X$9,$ All$-$Man Imports Ltd$.($AML$)$ obtained a five$-$year loan from a major New York bank. The loan is for US $$18,000,000,$

bears interest at $6\%$ per annum $($paid annually on the loan anniversary date$),$ and matures on $31$ December $20$X$14.$ AML reports in Canadian dollars. At the date the note was issued, the exchange rate was US $$1\mathrm{.}00=Cdn$$$0\mathrm{.}92.$ On $31$ December $209,$ the exchange rate was US $$1\mathrm{.}00=Cdn$$$0\mathrm{.}88,$ and the average exchange rate for the last $8$ months of the year was US$$1\mathrm{.}00=$Cdn $$0\mathrm{.}91.$

Required:

$1.$ Prepare the journal entry to record the loan on $1$ May $209.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry

required" in the first account field.$)$

$2.$

a$.$ What amounts relating to the loan will appear on AML$$s statement of financial position on $31$ December $20$X$9?$

$-$Long$-$term note payable:

$-$Accured interest payable:

b$.$ What amounts are included in earnings for $20$X$9?$

$-$Interest Expense:

$-$Foreign exchange gain