On 1 April 2018 Paradise Ltd, an Australia entity, places an order for US$2.5 million of inventory with Blue Ltd, a US supplier. The goods will be purchased FOB New York. A decision is made to take out a foreign exchange forward-rate contract for US$2.5 million on 1 April 2018 with the Bank in which the Bank agrees to supply Paradise Lid with US$2.5 million on 1 August 2018. The goods are shipped on 1 June 2018 and are paid for on 1 August 2018. Additional information The relevant exchange rates are as follows: Date Spot rate Forward rate 1 April 2018 0.76 0.73 1 June 2018 0.74 0.71 30 June 2018 0.70 0.67 1 August 2018 0.72 0.72 Assume that the hedging arrangement satisfies the requirements for hedge accounting as stipulated in AASB 9 'Financial Instruments, and the management of Paradise Ltd adopts Cash flow hedge accounting. Prepare a table showing Gains/losses on the hedging instrument (the forward rate contract) and also provide necessary journal entries for Paradise Ltd