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Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spot rates at each date are shown as follows:
Date Events spot rate
15 March 2019 Order £300,000 of inventory A$1.00 = £0.37
11 May 2019 Purchase takes place as inventory shipped to Fujitsu Ltd(FOB) A$1.00 = £0.41
30 June 2019 End of financial year A$1.00 = £0.43
02 July 2019 Inventory arrives at warehouse A$1.00 = £0.42
14 August 2019 Payment of £300,000 to supplier A$1.00 = £0.39
Required:
Question a) journal entries for each relevant event. (Round amounts to the nearest dollar). Show your working.
Question b) What is a qualifying asset? Provide two (2) examples.
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