Reference no: EM133137637
Question - On January 1, 2020, Growth Inc. (Growth) purchased, in US funds, $500,000 of bonds of Big Company (Big). On that date, the bonds were trading at par. These bonds pay 10% interest annually each December 31. The bonds mature on December 31, 2022. The following exchange rates were applicable between 2020 and 2022.
The following are the relevant foreign exchange rates:
January 1, 2020 US$1 = CDN$1.5254
Average rate for 2020 US$1 = CDN $1.5140
December 31, 2020 US$1 = CDN $1.4725
Average rate for 2021 US$1 = CDN $1.4600
December 31, 2021 US$1 = CDN $1.4425
Average rate for 2022 US$1 = CDN $1.4500
December 31, 2022 US$1 = CDN $1.4575
Required - Prepare Growth's journal entries for each of 2020, 2021 and 2022.
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