23.5 Translation of sale of inventories on credit terms * LO3, 6, 7 Tropic Ltd is an Australian company that makes and sells small electronic goods. On 1 February 2023, a customer from the United States ordered some goods from Tropic Ltd at an invoice cost of US$400 000 on terms FOB destination. On 30 April 2023, the goods were delivered to the customer. The agreed payment arrangements are that 30% of the total amount owing would be paid on delivery, 20% 3 months after delivery, and the remaining 50% 4 months after delivery. The end of the reporting period for Tropic Ltd is 30 June. The following exchange rates are applicable. 1 February 2023 30 April 2023 30 June 2023 31 July 2023 31 August 2023 A$1 = US$0.75 A$1 = US$0.73 A$1 = US$0.68 A$1 = US$0.72 A$1 = US$0.76 Required Prepare the journal entries of Tropic Ltd necessary to record the above transactions in itsaccounting records. 23.5 Translation of sale of inventories on credit terms * LO3, 6, 7 Tropic Ltd is an Australian company that makes and sells small electronic goods. On 1 February 2023, a customer from the United States ordered some goods from Tropic Ltd at an invoice cost of US$400 000 on terms FOB destination. On 30 April 2023, the goods were delivered to the customer. The agreed payment arrangements are that 30% of the total amount owing would be paid on delivery, 20% 3 months after delivery, and the remaining 50% 4 months after delivery. The end of the reporting period for Tropic Ltd is 30 June. The following exchange rates are applicable. 1 February 2023 30 April 2023 30 June 2023 31 July 2023 31 August 2023 A$1 = US$0.75 A$1 = US$0.73 A$1 = US$0.68 A$1 = US$0.72 A$1 = US$0.76 Required Prepare the journal entries of Tropic Ltd necessary to record the above transactions in itsaccounting records