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Problem 1: On 20 June, Melbourne Ltd acquires equipment on credit terms from a New Zealand supplier, Queenstown Ltd, for NZ$180 000. The exchange rate at 20 June was NZ$1.00 = A$0.85. On 30 June the exchange rate is NZ$1.00 = A$0.80. Melbourne Ltd pays Queenstown Ltd in full on 14 July when the exchange rate is NZ$1.00 = A$0.82.The journal entry recorded by Melbourne Ltd for the purchase of the equipment on 20 June is:
Select one:
Option 1: DR Equipment A$147 600; CR Payable to Dunedin Ltd A$147 600
Option 2: DR Equipment A$144 000; CR Payable to Dunedin Ltd A$144 000
Option 3: DR Equipment A$180 000; CR Cash A$180 000
Option 4: DR Equipment A$153 000; CR Payable to Dunedin Ltd A$153 000
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