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Prepare journal entries for the purchase of the asset

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Reference no: EM133017799

Question - On 1 February 2014, Candlenut Ltd signs a contract to purchase equipment from a manufacturer located in the USA.  The cost of the equipment is US$200,000. The construction of the equipment is completed on 1 March 2015 and payment is made on 30 June 2015. 

Additional information 

Candlenut Ltd has financial years ending on 30 June.  Relevant exchange rates are as follows:

1 February 2014 $AUD1 = US$0.77

30 June 2014 $AUD1 = US$0.79

1 March 2015 $AUD1 = US$0.82

30 June 2015 $AUD1 = US$0.90

Required - Prepare journal entries for the purchase of the asset for the period 1 February 2014 to 30 June 2015 in accordance with AASB 121 and AASB 123.

Reference no: EM133017799

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