On april 1, 2017, mendoza company borrowed 520,000 euros for one year at an interest rate of 5 percent per annum. mendoza must make its first interest payment on the loan on october 1, 2017 and will make a second interest payment on march 31, 2018 when the loan is repaid. mendoza prepares u. s.-dollar financial statements and has a december 31 year-end. prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 euro: april 1, 2017 $1.10 october 1, 2017 1.20 december 31, 2017 1.24 march 31, 2018 1.28
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On april 1, 2017, mendoza company borrowed 520,000 euros for one year at an interest rate of 5 perce...
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