Prairie Dog Inc. borrowed US$10,000,000 on January 1, 2020 at an annual rate of 8%. The loan is due December 31, 2023 and interest is payable annually each December 31. The exchange rates on selected dates throughout the life of the loan are shown below:

January 1, 2020	US$1 = CDN $1.4025
December 31, 2020	US$1 = CDN $1.4325
December 31, 2021	US$1 = CDN $1.4575
December 31, 2022	US$1 = CDN $1.4435
December 31, 2023	US$1 = CDN $1.4525

Assume that the average annual exchange rate was equal to the December 31 ^st spot rates. Prepare the journal entries for 2020.