On july 1, 2017, mifflin company borrowed 200,000 euros from a foreign lender evidenced by an interest-bearing note due on july 1, 2018. the note is denominated in euros. the u. s. dollar equivalent of the note principal is as follows: date amount july 1, 2017 (date borrowed) $ 225,000 december 31, 2017 (mifflin’s year-end) 220,000 july 1, 2018 (date repaid) 210,000 in its 2018 income statement, what amount should mifflin include as a foreign exchange gain or loss on the note?

Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy. year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period. required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.