ABC Inc.borrowed funds from its bank.Details are as follows.
Four year term loan,U.S.$500,000
Funds borrowed 1 January 20X6; due 31 December 20X9
Exchange rates: 
Part A: Based on the above information prepare entries to record receipt of loan proceeds for January 20X6.
Part B: Based on the above information prepare entries to record the adjustment to spot rate for December 20X6.
Part C: Based on the above information prepare entries to record adjustment to spot rate December 20X7
Part D: Based on the above information prepare entries to record adjustment to spot rate December 20X8
Part E: Based on the above information prepare entries to record adjustment to spot rate December 20X9
Part F: Based on the above information prepare entries to record repayment of loan December 20X9
Part G: Based on the above information calculate the total accounting recognition of loss.
Correct Answer:
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