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Prepare a journal entries related to this foreign currency

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Question - On October 31, 2017, Perry Company negotiated a two-year 100,000 franc loan from a foreign bank at an interest rate of 3 percent per year. Interest payments are made annually on October 31, and the principal will be repaid on October 31, 2019. Perry prepares U.S.-dollar financial statements and has a December 31 year-end. Prepare a journal entries related to this foreign currency borrowing assuming the following:

Franc Rate October 31, 2017 $0.50

December 31, 2017 $0.55

October 31, 2018 $0.62

December 31, 2018 $0.67

October 31, 2019 $0.75

Reference no: EM132947235

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