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On 1 February 2014, Candlenut Ltd signs a contract to purchase equipment from a manufacturer located in the USA. The cost of the equipment is US$200,000. The construction of the equipment is completed on 1 March 2015 and payment is made on 30 June 2015.
Additional information Candlenut Ltd has financial years ending on 30 June. Relevant exchange rates are as follows:
1 February 2014 $AUD1 = US$0.77 30 June 2014 $AUD1 = US$0.791 March 2015 $AUD1 = US$0.82 30 June 2015 $AUD1 = US$0.90
Required
Problem 1: Prepare journal entries for the purchase of the asset for the period 1 February 2014 to 30 June 2015 in accordance with AASB 121 and AASB 123.
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