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On 20 June, Sky Ltd acquires equipment on credit terms from a New Zealand supplier, Blue Ltd, for NZ$200 000. The exchange rate at 20 June was AUD$1.00 = NZ$1.30. On 30 June the exchange rate is AUD$1.00 = NZ$1.28. Sky Ltd pays Blue Ltd in full on 14 July when the exchange rate is AUD$1.00 = NZ$1.26.
Question 1: The journal entry recorded by Sky Ltd for the purchase of the equipment on 20 June is:
Option A DR Equipment AUD$200 000; CR Payable to Blue Ltd AUD$200 000
Option B No entry is required.
Option C DR Equipment AUD$260 000; CR Payable to Blue Ltd AUD$260 000
Option D DR Equipment AUD$153 846; CR Payable to Blue Ltd AUD$153 846
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