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Provide the journal entries that would need to be made

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Question - On 20 July 2020, Corona Ltd an Australian based company provides some management consulting service to a company in Unites States of America called XYZ Incorporation for an agreed fee of US$1.5 million. The amount is paid into the US bank account of Corona Ltd on Page 4 of 10 20 July 2020. Corona Ltd elects to leave the amount in the US bank account, which pays interest each year on 30 June at a rate of five per cent. The relevant exchange rates are: 20 July 2020 A$1.00 = US$0.75 30 June 2021 A$1.00 = US$0.78.

Provide the journal entries that would need to be made in the books of Corona Ltd to account for the above transaction for the year ending 30 June 2021.

Reference no: EM133012976

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