On 16 May 2023, Emu Ltd (an Australian company) sells inventories to a US customer, Baseball Ltd, for a price of US $80 000. On the 20^thAugust 2023, Emu Ltd receives cash in full payment of the sales invoice. Below are the relevant exchange rates.

16 May 2023 Transaction date A$1 = US$0.72

30 June 2023 End of reporting date A$1 = US$0.75

20^thAugust 2023 Settlement date A$1 = US$0.81

Required:

Prepare the journal entries for Emu Ltd to record the above transaction. Show your workings under each journal entry (round to the nearest dollar).