How can I answer this question? could you provide the calculations as well

On 1 March 2017 Cron Lid entered a transaction with the American Eagles Inc (a United States firm) for the sale USD500,000 of scrummaging machines. The equipment is to be air freighted on 2 May 2017 and payment is due on 1 August 2017. Cron Lid is concerned about exchange rate fluctuations and on 1 March purchases an option to sell USD500,000 at an exchange rate 0.7500 for delivery on 1 August 2017. Cron Lid pays $15,500 for the option at this time. On 2 May 2017 the option is worth $1,500 and on 30 June 2017 the value of the option is $20,500. The exchange rates over this period are: 1 March 2017 AUD1.00 = USDO.7600 2 May 2017 AUD1.00 = USDO.7400 30 June 2017 AUD1.00 = USDO.7700 1 August 2017 AUD1.00 = USDO.8000 Required 1. Prepare journal entries for Cron Lid that are required by AASB 121 Foreign Currencies and AASB 132 / 139 Financial Instruments to record the above transactions, including the adjustments at year end (30 June 2017). Cron Ltd does not designate the option as a hedge