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Prepare relevant journal entries that are required in corona

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Reference no: EM132644871

On 10 July 2019 Corona Ltd enters into an arrangement with a Barclays bank in US to borrow US$900 000. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is:

Date                                Exchange rate
10 July 2019             AU$1 = US$0.78
30 June 2020           AU$1 = US$0.62

Problem 1: Prepare the relevant journal entries that are required in Corona Ltd's books for 10 July 2019 and 30 June 2020 in accordance with AASB 121 (rounded to the nearest whole AU$)?

Reference no: EM132644871

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