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Prepare journal entries for each relevant event

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Terry Pty Ltd signed a binding agreement with NZ plc, an NZ firm, to build an equipment. The equipment requires a period of time to construct to get ready for its intended use. Terry Pty Ltd treats the equipment as a qualifying asset. Relevant events and the spot rates at each date are shown follows:

Date

Event

Sport rate

1 March 2021

Signed a binding contract worth NZ $12 000 with NZ plc to construct the equipment.

A$1.00 = NZ$1.20

30 June 2021

Terry Pty Ltd's end of financial year

A$1.00 = NZ$1.25

15 July 2021

Finished construction and the equipment get ready for use

A$1.00 =NZ$1.24

14 August 2021

Made payment of NZ$12 000 to NZ plc.

A$1.00 = NZ$1.26

Problem 1: Prepare journal entries for each relevant event (rounded to the nearest integer)

Reference no: EM132780585

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