Translation of various foreign currency transactions and balances  LO6, 7 Know Your Product Ltd is an Australian company with a functional currency of A$. The company entered into a number of transactions denominated in US$ during the year ended 30 June 2020. The closing exchange rate is A$1.00 = US$0.77. Required Determine the translated amount that will be included in the financial statements for each of the following transactions or events. 1. Land at cost of US$400 0000 acquired on 1 February 2020 when the exchange rate is A$1.00 = US$0.67. 2. Land revalued to US$600 000 on 30 June 2020 that had cost US$400 000 on 1 February 2020 when the exchange rate was A$1.00 = US$0.67. 3. Credit sale of US$80 000 on 12 March 2020 when the exchange rate is A$1.00 = US$0.69. Received cash from debtor of US$40 000 on 30 June 2020. 4. Credit purchase of inventories of US$250 000 on 15 June 2020 when the exchange rate is A$1.00 = US$0.62. The creditor remains unpaid at 30 June 2020. 5. A loan payable of US$800 000 arranged on 1 January 2020 when the exchange rate is A$1.00 = US$0.60. On 30 June 2020, the outstanding interest on the loan is US$20 000. 6. A 6-month forward contract to buy US$3 000 000 entered into on 1 April 2020 at the forward rate of A$1.00 = US$0.72. On 30 June 2020, the forward rate for a 3-month forward to buy US$3 000 000 is A$1.00 = US$0.70. Assume a 3-month discount rate of 2% applies at 30 June 2020.