50. On 1 June 2022 Sydney Ltd enters into a firm commitment with SanFran Co. to buy US$1 000 000 of inventory. The inventory will be transferred to Sydney Ltd (making Sydney Ltd therefore liable for the debt) on 1 August 2022, and payment will be made on that date. The financial year end of Sydney Ltd is 30 June. We will assume that the hedging arrangements used by Sydney Ltd qualify for 'hedge accounting pursuant to AASB 9 and that Sydney Ltd has designated the hedging arrangement as a 'fair value hedge'. The relevant spot rates and forward rates are as follows: Date Spot rate Forward rate 1 June 2022 US$1.00 = A$1.35 US$1.00 = A$1.40 30 June 2022 US$1.00 = A$1.27 US$1.00 = A$1.42 1 August 2022 US$1.00 = A$1.43 US$1.00 = A$1.43 REQUIRED Provide the journal entries to account for the hedged item and hedging instrument as required on 1 June 2022, 30 June 2022 and 1 August 2022. LO 14.9. 14.10