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On October 31, 2012, Darling Company negotiated a two-year 100,000 franc loan from a foreign...

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Accounting

On October 31, 2012, Darling Company negotiated a two-year 100,000 franc loan from a foreign bank at an interest rate of 3 percent per year. Interest payments are made annually on October 31, and the principal will be repaid on October 31, 2014. Darling 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: Franc Rate

October 31, 2012 $.50

December 31, 2012 $.52

October 31, 2012 $.60

December 31, 2013 $.62

October 31, 2014 $.75

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