Make all the journal entries that hl should make

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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.

Reference no: EM133163212

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