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Prepare all journal entries related to the foreign currency

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On September 30, 2017, Ericson Company negotiated a two-year, 1,000,000 dudek loan from a foreign bank at an interest rate percent per year. It makes interest payments annually on September 30 and will repay the principal on September 30, 2019. Eric prepares U.S.-dollar financial statements and has a December 31 year-end.

Problem a. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek:

September 30, 2017 $ 0.100

December 31, 2017 0.105

September 30, 2018 0.120

December 31, 2018 0.125

September 30, 2019 0.150

Reference no: EM132783369

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