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Business, 09.11.2020 16:20 srickie85

On 1 January, 2015, Hikers Inc., a U. S.-based company, borrowed £200,000 on a two-year note at a per annum interest of 4.5%. The spot rate on this day was $1.65 per pound. The spot rate on 31 December, 2015, was $1.64 per pound. The journal entries to account for this foreign currency borrowing will include:

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On 1 January, 2015, Hikers Inc., a U. S.-based company, borrowed £200,000 on a two-year note at a pe...
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