(ii)A company in Sydney sells merchandise to a company in Auckland, New Zealand, on 10 November. The sales price is NZ $ 230,000 and the exchange rate on this date is A $1=NZ $1.2. Settlement of the invoice is made by the New Zealand company in NZ dollars on 15 December when the rate of exchange is A$1=NZ $1.25

Required:

Give the entries in the books of the Australian company on the date of sale and date of settlement, prepared in accordance with the requirement of AASB 121. Show all workings