GFC Ltd is an Australian company with a $30$ June year end. GFC Ltd purchases inventories from a United States $($US$)$ supplier under an FOB shipping contract for an agreed price of $US $2,000,000.$ GFC Ltd placed the order to buy the goods on $22$ May $20$X$3.$ The goods are put on the ship on $30$ May $20$X$3.$

GFC Ltd pays the US supplier for the inventories in two equal instalments of $US $1,000,000.$ The payments were made on the dates of $31$ July $20$X$3$ and $31$ August $20$X$3.$

Exchange rates are as follows:

$22$ May $20$X$3$ $US $1\mathrm{.}00=$ $A $2\mathrm{.}00$

$30$ May $20$X$3$ $US $1\mathrm{.}00=$ $A $1\mathrm{.}80$

$30$ June $20$X$3$ $US $1\mathrm{.}00=$ $A $1\mathrm{.}50$

$31$ July $20$X$3$ $US $1\mathrm{.}00=$ $A $1\mathrm{.}60$

$31$ August $20$X$3$ $US $1\mathrm{.}00=$ $A $1\mathrm{.}30$

Prepare the journal entries of GFC Ltd in respect of the purchase of inventory, the year$-$end adjustment to accounts payable and settlement of accounts payable.