Translation of purchase of inventories on credit terms  LO3, 6, 7 Stranded Ltd is an Australian company that purchases inventories from Hammers plc, which is an English company. The following information is relevant to a recent acquisition of inventories for £300 000 pursuant to a contract with terms including FOB shipping point. Date Event Exchange rate 11 May 2020 Inventories shipped A$1 = £0.41 22 June 2020 Inventories delivered A$1 = £0.42 30 June 2020 End of reporting period A$1 = £0.43 31 July 2020 Cash payment of £300 000 to Hammers plc A$1 = £0.39 Required Prepare the journal entries of Stranded Ltd that relate to the foreign currency purchase of inventories in accordance with AASB 121/IAS 21. How would your answer change if the inventories acquired had a net realisable value of £270 000 at 30 June 2020?