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Prepare all journal entries related to this foreign currency

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Question - On September 30, 200?, Ericson Company negotiated a two-year, 1,000,000 Yuan loan from a foreign bank at an interest rate of 2 percent per year (2% p.a.). Interest payments are made annually on September 30, and the principal will be repaid on September 30, 2009. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end.

Required - Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for Yuan:

September 30, 2007 - $0.100

December 31, 2007 - 0.105

September 30, 2008 - 0.120

December 31, 2008 - 0.125

September 30, 2009 - 0.150

Reference no: EM132071254

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