On October 31, 2010, 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, 2012. 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: 
Definitions:
Revaluing Assets
The process of adjusting the book value of an asset to reflect its current market value rather than its original purchase price.
Major Disadvantage
A significant or principal drawback that adversely affects the effectiveness, efficiency, or desirability of an object, system, or method.
Ethical Lapses
Failures to act in an ethical manner, often resulting in behavior that is morally or professionally wrong.
Criminal Prosecution
The legal process in which an individual is charged with a crime by the government and faces trial and judgment.
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