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Provide the necessary journal entries for the year

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Question - On 1 March 2019 Greenough Ltd enters into a binding agreement with a Singapore company to construct an item of machinery that manufactures spoons. The cost of machinery is S$250 000. The construction of the machinery is completed on 1 June 2019 and shipped FOB Singapore on that date. The debt is unpaid at 30 June 2019, which is also Greenough Ltd's end of reporting period. The exchange rates at the relevant dates are:

1 March 2019

A$1.00 = S$1.10

1 June 2019

30 June 2019

A$1.00 = S$1.02

A$1.00 = S$1.00

REQUIRED - Provide the necessary journal entries for the year ending 30 June 2019?

Reference no: EM132557786

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