What journal entries are required in Esso Ltd books

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Reference no: EM132849198

Question - On 1 July 2014 Esso Ltd enters into an arrangement with a US bank - Citu to borrow US$900,000. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is:

1 July 2014	A$1 = US$0.45
30 June 2015	A$1 = US$0.55

Required - What journal entries are required in Esso Ltd's books for 1 July 2014 and 30 June 2015 in accordance with AASB 121 (rounded to the nearest whole A$)?

Reference no: EM132849198

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