Suggested time $21$ minutes$$Baker Limited manufactures cameras used in professional hockey leagues on the ice including in the back of the net to get a glimpse of those flying pucks. Baker Limited not only sells these cameras all over the world, but a temporary shortage in Canada of the chips used in production of the camera resulted in some inventory of these chips being purchased outside of Canada. Baker Limited has a December $31$st$$year$-$end and follows IFRS.$$There are two transactions that the accountant of Baker Limited requires your assistance in recording correctly.$$Required:$$Prepare the journal entries that Baker Limited should make in $2023$ and $2024$ to record the$$two events$$described below. Entries are also required for any adjustments necessary at year$-$end. Please round to the nearest dollar and show your workings $!!$Transaction One$(16$ marks$)$On December $1,2023$ Baker Limited purchased an order of computer chips from a supplier in the US$.$ The inventory was delivered to Baker Limited on December $1,2023$ and the invoice allowed sixty days for the payment to be made. The invoice was for $$75,000$ US$.$ Baker Limited did not hedge this transaction. Baker Limited paid the invoice on January $25,2024.$Spot rates were as follows:$$December $1,2023$$$1$CDN $=$ $$\mathrm{.}7407$ USDecember $31,2023$$$1$CDN $=$ $$\mathrm{.}7874$ USJanuary $25,2024$$$1$CDN$=$ $$\mathrm{.}69$US$$Transaction Two$(10$ marks$)$On October $1,2023$ Baker Limited lent money to a hockey team in the German Elite League who found themselves in a cash flow crunch while they awaited the cash payment from a trade done to a team in France. Baker Limited lent the team $100,000$Euros. The note receivable was due in $6$ months and was non$-$interest bearing. Baker Limited went to the bank on October $1,2023$ and wired the $100,000$ Euros through the bank.$$The exchange rate at October $1,2023$ was $1$Euro $=$ $$2\mathrm{.}20$ CDN and the rate at December $31,2023$ was $1$Euro $=$ $$2\mathrm{.}15$ CDN$. ($YOU ARE NOT REQUIRED TO DO THE JOURNAL ENTRY FOR $2024)$