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Please solve the following: Question 2: (9 marks) Grimes Corporation obtains a four year loan of $1,000,000 USD. The loan was advanced to Grimes Corporation

Please solve the following:
Question 2: (9 marks) Grimes Corporation obtains a four year loan of $1,000,000 USD. The loan was advanced to Grimes Corporation on March 1", 2021. Interest is at 5% and is to be paid annually on March 1"! Grimes Corporation has a December 31" year end. March 1", 2021 spot rate $1 USD = $1.25 Cdn December 31", 2021 spot rate $1 USD = $1.38 Cdn March - December 2021 average rate $1 USD=$1.35 Cdn March 1", 2022 spot rate $1 USD =$1.35 Cdn January - February 2022 average rate $1 USD = $1.36 Cdn Required (parts a, b & c): a) What is the journal entry on Grimes Corporation's books when they receive the loan? b) What is the journal entry required, if any, at the December 31", 2021 year end on Grimes Corporation's books? If no entry is required please state "no entry". c) What is the journal entry to record the interest payment at March 19, 2022

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