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On September 30,2020, Peace Frog International (PFI)(a U.S.-based company) negotiated a two-year, 1,900,000 Chinese yuan...

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Accounting

On September 30,2020, Peace Frog International (PFI)(a U.S.-based company) negotiated a two-year, 1,900,000 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 30,2022. PFI prepares U.S. dollar financial statements and has a December 31 year-end.
Relevant exchange rates are as follows:
\table[[,\table[[U.S.],[Dollar],[per],[Chinese]]],[Yate,Yuan],[(CNY),],[September 30,2020,$0.190
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