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Provide appropriate journal entries for each relevant event

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Reference no: EM132570455

Fujitsu Ltd purchases inventory from DFO Ltd, a listed British company. Relevant events and the spot rates at each date are shown as follows: Date Event Spot rate 15 March 2019 Order £300,000 of inventory A$1.00 = £0.37

11 May 2019 Purchase takes place as inventory shipped to Fujitsu Ltd (FOB) A$1.00 = £0.41

30 June 2019 End of financial year A$1.00 = £0.43

02 July 2019 Inventory arrives at warehouse A$1.00 = £0.42

14 August 2019 Payment of £300,000 to supplier A$1.00 = £0.39

Required:

Question a) appropriate journal entries for each relevant event. (Round amounts to the nearest dollar). Show your working.

Question b) What is a qualifying asset?

Reference no: EM132570455

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