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Prepare all journal entries related to foreign currency

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Darling Company negotiated a 2-year 100,000 franc loan from a foreign bank at an interest rate of 3% per year. Interest payments are made annually on 10/31, and the principal will be repaid on 10/31/12. Darling prepares US$ financial statements and has a 12/31 year-end. Prepare all journal entries related to this foreign currency borrowing assuming the following:

10/31/2010 franc rate $0.50

12/31/2010 franc rate $0.52

10/31/2011 franc rate $0.60 12/31/2011 franc rate $0.62 10/31/2012 franc rate $0.75

 

Reference no: EM131810508

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