Solution-Prepare appropriate journal entries for each

Prepare appropriate journal entries for each relevant event

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Reference no: EM132566169

Question - Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spot rates at each date are shown as follows:

Date	Event	Spot rate
15 March 2019	Order E300,000 of inventory	A$1.00 = 60.37
11 May 2019	Purchase takes place as inventory shipped to Fujitsu Ltd (FOB)	A$1.00 = 60.41
30 June 2019	End of financial year	A$1.00 = 60.43
02 July 2019	Inventory arrives at warehouse	A$1.00 = 60.42
14 August 2019	Payment of f300,000 to supplier	A$1.00 = 60.39

Required -

a) Prepare the appropriate journal entries for each relevant event. (Round amounts to the nearest dollar). Show your working.

b) What is a qualifying asset? Provide two (2) examples.

Reference no: EM132566169

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Prepare appropriate journal entries for each relevant event

Reference no: EM132566169

Reference no: EM132566169

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