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Problem - Charles Ltd. purchased Euro 800,000 equipment from a Swiss company on January 1, 2016. The terms of the note payable called for annual interest payments at the market rate of 6% on December 31 each year. The principal is to be paid off in full on December 31, 2018. The foreign exchange rates for 2016 are as follows.
January 1, 2016 Euro1 = C$1.43
2016 average rate Euro1 = C$1.42
December 31, 2016 Euro1 = C$1.40
REQUIRED - Prepare the foreign exchange journal entries of Charles Ltd. required for the fiscal year ending December 31, 2016.
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