On 1 April 2021, Oz Ltd enters into a non-cancellable purchase contract with a US company to buy batteries. The batteries are to be shipped on 30 June 2021, at which time controls of the assets will be transferred to Oz Ltd. The total purchase price is US$500 000 and the full amount is due for payment on 31 July 2021. On 1 April 2021, Oz Ltd entered into a forward contract on US dollars with a bank so as to buy US$500 000 on 31 July 2021 at a forward rate of A$1.00 = US$08. Other information Date Spot rate Forward rates 1 April 2021 A$ 1.00 = US$0.82 A$1.00 = US$0.80 30 June 2021 A$1.00 = US$0.85 A$1.00 = US$0.83 31 July 2021 A$1.00 = US$0.87 A$1.00 = US$0.87 Required Assume that the hedging arrangement satisfies the requirements for hedge accounting as stipulated in AASB 9 'Financial lnstruments', and the management of Oz Ltd elects to adopt cash ow hedge accounting. Prepare a table showing gains/losses on the hedging instrument (the forward rate contract) and also provide the journal entries for Oz Ltd to account for the hedge. [Narrations are not required. Rounded to the nearest dollar] Date Spot Forward Receivable on Amount Fair value Gain/(loss) on rate rate payable on of forward forward forward contract contract contract