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Question - On 1 March 2018 Possum Ltd, an Australian entity, purchases US $1.5 million of inventory from Lincoln Inc., a US entity. The amount is payable on 1 August 2018. A forward-exchange contract for the delivery of US $1 million is taken out with The Bank on 1 May 2018. It requires delivery of the foreign currency to Possum Ltd on 1 August 2018. Possum Ltd has a 30 June financial year end and designations the hedge as a cash flow hedge.
Additional information
Date Spot rate Forward rate
1 March 2018 $0.70
1 May 2018 $0.75 $0.73
30 June 2018 $0.72 $0.70
1 August 2018 $0.70 $0.70
Required - Provide the journal entries for Possum Ltd to account for the above transaction.
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