On 1 February 2020, Ford Ltd an Australian company completes a binding agreement to purchase a hydraulic lift from a manufacturer located in Germany. The cost of the equipment is 150 000. The construction of the lift is completed on 30 May 2020, and it is considered to be a qualifying asset according to AASB 123. The amount owing has not been paid by reporting date 30 June 2020. The following is information about the exchange rates:

Date

Exchange rate

1 February 2019

AU$1 = EU0.60

30 May 2020

AU$1 = EU0.56

30 June 2020

AU$1 = EU0.46

What entries are required to record the transaction and subsequent events in accordance with AASB 121 (rounded to the nearest whole A$)?