On September 30, 2023, Peace Frog International (PFI) (a U.S. -based company) negotiated a two-year, 2,700,000 Chinese yuan loan from a Chinese bank at an interest rate of 4 percent per year. The company makes interest payments annually on September 30 and will repay the principal on September 30, 2025. PFI prepares U.S. dollar financial statements and has a December 31 year-end. Relevant exchange rates are as follows: Date U.S. Dollar per Chinese Yuan (CNY) September 30, 2023 $0.160 December 31, 2023 0.165 September 30, 2024 0.180 December 31, 2024 0.185 September 30, 2025 0.210 Required: A. Prepare all journal entries related to this foreign currency borrowing: 1. Record the receipt of 2,700,000 million yuan note. 2. Record the accrued interest for the period 09/30/2023 - 12/31/2023. 3. Record to revalue the note payable at the spot rate, and record the foreign exchange gain or loss thereof. 4. Record the first annual interest payment, record interest expense for the period 01/01/2024 - 09/30/2024, and record a foreign exchange gain or loss on the interest payable accrued at 12/31/2023. 5. Record the accrued interest for the period 09/30/2024 - 12/31/2024. 6. Record to revalue the note payable at the spot rate, and record the foreign exchange gain or loss thereof. 7. Record the second annual interest payment, record interest expense for the period 01/01/2025 - 09/30/2025, and record a foreign exchange gain or loss on the interest payable accrued at 12/31/2024. 8. Record the payment of 1 million yuan note. B. Taking the exchange rate effect on the cost of borrowing into consideration, determine the U.S. dollar "effective borrowing rate" on the loan in each of the three years 2023, 2024, and 2025.a. Prepare all journal entries related to this foreign currency borrowing. b. Taking the exchange rate effect on the cost of borrowing into consideration, determine the U.S. dollar "effective borrowing rate" on the loan in each of the three years 2023, 2024, and 2025. Complete this question by entering your answers in the tabs below. a. Prepare all journal entries related to this foreign currency borrowing. b. Taking the exchange rate effect on the cost of borrowing into consideration, determine the U.S. dollar "effective borrowing rate" on the loan in each of the three years 2023, 2024, and 2025. Complete this question by entering your answers in the tabs below. Required A Required B C Taking the exchange rate effect on the cost of borrowing into consideration dollars on the loan in each of the three years 2023, 2024, and 2025. Note: Do not round intermediate calculations. 2023 2024 2025 Effective Cost of Borrowing