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Question - 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
Required - Prepared journal entries for each relevant event.
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