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Question - Hamilton Limited ("HL") has Hong Kong Dollar ("HKtiny_mce_markerquot;) as the functional currency and presentation currency.
On 1 January 2021, HL entered into a contract to acquire a computer server from an Australia supplier at a consideration of AUD30 million. 20% deposit was paid on 1 February 2021. HL received the computer server on 1 April 2021.
On 1 September 2021, HL settled 50% of the total cost, i.e. AUD15m. The balance 30% of the purchase cost remained outstanding at year ended on 31 December 2021.
Depreciation is provided to write off the cost of the computer server over 5 years using the straight-line method.
Exchange rates of AUD1 at the dates below were:
1 January 2021 HK$6.8
1 February 2021 HK$6.7
1 April 2021 HK$7.1
1 September 2021 HK$6.9
31 December 2021 HK$7.2
Required - Make all the journal entries that HL should make for the year ended 31 December 2021.
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