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Prepare the journal entries that are required in McGrath Ltd

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Reference no: EM132825105

Question - Part a - Goods are shipped f.o.b. from the United States on 1 May 2020. The cost of the goods is US$1 500 000. The amount has not been paid at period end, 30 June 2020.

Exchange rates are as follows:

1 May 2020 A$1.00 = US$0.79

30 June 2020 A$1.00 = US$0.72

Required: Prepare the journal entries that are required at transaction date and reporting date (rounded to the nearest whole A$).

Part b - The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 7 per cent. The exchange rate information is:

1 July 2018 A$1.00 = $HK5.25

30 June 2019 A$1.00 = $HK4.50

30 June 2020 A$1.00 = $HK5.50

Required: Prepare the journal entries that are required in McGrath Ltd's books for 1 July 2018 and 30 June 2019 and 30 June 2020 in accordance with AASB 121 (rounded to the nearest whole A$).

Reference no: EM132825105

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