On 12th April 2018 Pit Bull Ltd enters into a contract with a New Zealand company, Secure Ltd, whereby Secure Ltd will build a printing machine for Pit Bull Ltd.

The machine has been priced at NZ$850000. The printing machine is completed on 14th June 2019 and shipped FOB Wellington on that date.

The debt remains unpaid at 30th June 2019, which is the end of Pit Bulls Ltds financial reporting period.

The exchange rates at the relevant dates are as follows:

12Th April 2018 A$1.00 = NZ$1.20

30th June 2018 A$1.00 = NZ$1.15

14th June 2019 A$1.00 = NZ$1.30

30th June 2019 A$1.00 = NZ$1.25 Required:

Complete the full journal entries for Pit Bull Ltd for the years ending 30th June 2018 and 30th June 2019 to reflect the above events.

(Marks: 20)