On $1$ March $2022$ Possum Ltd$,$ an Australian entity, purchases US$$1\mathrm{.}5$ million of inventory from Lincoln Inc., a US entity. The amount is paid on $1$ August $2022.$ Possum Ltd has a $30$ June financial year end.

Additional information

Date Spot rate

$1$ March $2022$ A$$1\mathrm{.}00=$ US$$0\mathrm{.}70$

$30$ June $2022$ A$$1\mathrm{.}00=$ US$$0\mathrm{.}72$

$1$ August $2022$ A$$1\mathrm{.}00=$ US$$0\mathrm{.}70$

REQUIRED

Prepare the journal entries for Possum Ltd to account for the above transaction.