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Prepare the required journal entries to record transactions

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Question - Darwin Ltd is an Australian company, acquires inventory on credit from Satsuma Ltd, a Japanese entity, with the contract denominated in Japanese yen. The amount of the inventory acquisition contract, dated 17 June 2020 is Yen 2 500 000. Darwin Ltd settles the contract on 10 July 2020. Darwin Ltd has a 30 June reporting date and the exchange rates at the relevant dates are as follows:

17 June 2020 A$1.00 = Y$80.04

30 June 2020 A$1.00 = Y$84.84

10 July 2020 A$1.00 = Y$79.84

30 June 2021 A$1.00 = Y1.00

Required - Prepare the required journal entries to record these transactions. Show workings for any foreign exchange gain or loss. Ignore present values (ignore narrations).

Reference no: EM133016808

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