Question $11(10$ points$)$

On March $01,2024,$ AML Ltd$.$ obtained a five$-$year loan from a major New$-$York bank. The loan is for US $$8,000,000,$ bears interest at $5\%$ per annum $($paid annually on the Ioan anniversary date$),$ and matures on December $31,2029.$ AML reports in Canadian dollars. AML Ltd$.\text{'}$s year$-$end is on December $31$st$.$

$**$ At the date the note was issued, the exchange rate was US $$1\mathrm{.}00=$ Cdn$$0\mathrm{.}91.$

$**$ On December $31,2024,$ the exchange rate was US $$1\mathrm{.}00=$ Cdn $$0\mathrm{.}87$

$**$ The average exchange rate for the last $10$ months of the year was US $$1\mathrm{.}00=$ Cdn $$0\mathrm{.}90.$

Required:

a$.$ Prepare the journal entry to record the loan on March $01,2024.$

b$.$ Prepare the journal entry to record the loan on December $31,2024.$

c$.$ What amounts relating to the loan will appear on AML Ltd$.\text{'}$s statement of Financial Position on December $31,2024?$

d$.$ What amounts relating to the loan will be included in earnings for $2024$ on December $31,2024?$