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Problem 1. On 20 June, Melbourne Ltd acquires equipment on credit terms from a New Zealand supplier, Queenstown Ltd for NZ$180,000. The exchange rate at 20 June was NZ$1.00 = AU$0.85. On June 30, the exchange rate is NZ$1.00 = AU$0.80. Melbourne Ltd pays Queenstown Ltd in full on 14 July when the exchange rate is NZ$1.00 = AU$0.82. The journal entry recorded by Melbourne Ltd for the purchase of the equipment on 20 June is:
Option a. DR Equipment AU$180,000 CR Cash AU$180,000
Option b. DR Equipment AU$153,000 CR Payable to Dunedin Ltd AU$153,000
Option c. DR Equipment AU$147,600 CR Payable to Dunedin Ltd AU$147,600
Option d. DR Equipment AU$144,000 CR Payable to Dunedin Ltd AU$144,000
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