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Record the taking of the loan on january

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Question - The company arranges a US-dollar interest-only loan on January 1, 2022, for US$20 million. The loan is for 10 years at an interest rate of 11.5 per cent per annum. Interest is payable annually. The following exchange rates are applicable. Refer to the provide Chart of Accounts for the appropriate account names.

January 1, 2022 AUS$1.00 = US$0.69

June 30, 2022 AUS$1.00 = US$0.64

Record the taking of the loan on January 1, 2022, and relevant financial year-end entries on June 30, 2022.

Reference no: EM132571414

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