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Question: Foreign currency transactions
ABC Ltd is an Australian company with a functional currency of AS. The company entered into a number of transactions denominated in USS during the year ended 30 June 2022. If the closing exchange rate is AS1.00 = USSO.80, determine the translated amount that will be included in the financial statements for the following transaction.
A loan payable of USS600 000 arranged on 1 January 2022 when the exchange rate is AS1.00 = USS0.60. On 30 June 2022, the outstanding interest on the loan is USS20 000.
Required
Prepare the journal entries to record this transaction in accordance with AASB 121 for the year ended 30 June 2022 (Ensure that your answers are rounded correctly up or down to the nearest dollar.)
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