On 31 January 2023, Lovett Ltd. acquires a machine on credit terms from a German supplier for a price of EUR $87,000. The functional currency of Lovett Ltd. is Australian dollars. The machine arrived in Australia on 31 March 2023. Lovett Ltd. prepares its financial reports on 30 June every year. Ignore any depreciation and tax effect. Lovett Ltd. provides you with the following exchange rate information for one Aus ($1): Page 3 of 3 EUR 31-Jan-23 0.6856 31-Mar-23 0.7103 30-Jun-23 0.6312

Required: Prepare the relevant journal entries from 1 January to on 30 June 2023 under IAS 21