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Provide the journal entries that would need to be made

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Koala Ltd provide financial advice to Trump-Biden Inc. for an agreed fee of US$1 million on 10 July 2019. The monies are paid into the USA bank account of Koala Ltd on 10 July 2019. Koala Ltd decide to leave the monies in the USA bank account and will receive interest at a rate of 10% on 30 June each year.

The appropriate exchange rates are noted below:

10 July 2019: A$1.00 = US$0.78

30 June 2020: A$1.00 = US$.75

Problem 1: Provide the journal entries (including narrations) that would need to be made in the books of Koala Ltd to account for the above transactions for the year ended 30 June 2020.

Reference no: EM132678491

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