ABC Ltd, which is using VND to record its transactions, obtained a long-term loan of US$100,000 at the beginning of 2009 when the
ABC Ltd, which is using VND to record its transactions, obtained a long-term loan of US$100,000 at the beginning of 2009 when the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![ABC Ltd, which is using VND to
record its transactions, obtained a
long-term loan of US$100,000 at
the beginning of 2009 when the
exchange rate was VND/US$ =
18,000. The loan is to be repaid in
full in 2014. As at 31 Dec 2009 and
31 Dec 2010, the exchange rate
was 19,000 and 20,000
respectively. Determine journal
entries.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F42fbcea6-afb7-4263-94fe-90d44597a0cf%2F12329504-7ffa-495d-8b55-97815d61de9e%2Fdureibc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ABC Ltd, which is using VND to
record its transactions, obtained a
long-term loan of US$100,000 at
the beginning of 2009 when the
exchange rate was VND/US$ =
18,000. The loan is to be repaid in
full in 2014. As at 31 Dec 2009 and
31 Dec 2010, the exchange rate
was 19,000 and 20,000
respectively. Determine journal
entries.
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