1.1 Purchase of new asset (15 marks) On 15 July 2022, Surf Ltd entered into a binding agreement with a US manufacturer who will construct for Surf Ltd a new road surfacing machine for an agreed price of US$3,000,000. From the date of signing the agreement, Surf Ltd has legal title and control of the machine. On 10 July 2023, the machine is completed and shipped from Los Angeles. At the same time (which is before Surf Ltd has finalised its 30 June 2023 financial reports) the US manufacturer informed you that they were applying a clause in the contract which allowed them to charge for increased costs of materials and hence, increased the contract amount by US$300,000. Payment of the total of US$3,300,000 was due 30 days after shipment and on 10 August 2023 Surf Ltd makes full payment. As noted, Surf Ltd's financial year ends on 30 June. The exchange rates are as follows: • 15 July 2022 A$1 = US$0.68 • 30 June 2023 A$1 = US$0.73 • 10 July 2023 A$1 = US$0.64 • 10 August 2023 A$1 = US$0.63 Required: a) Determine whether the US$300,000 increase in the contract price would be an "adjusting event"