On the 1st July 2022 Hexit Ltd borrows $3 million from Hastie Corp (USA). The loan is sent by Hastie Corp to Hexit Ltd's Australian bank account. The loan is a five year loan which carries interest at 10% payable on the 30th June each year. Hexit Ltd has a 30th june financial year end.

The exchange rates are as follows:

Aus $1 = US$ 0.68 1st July 2022

Aus $1 = US$ 0.66 30th June 2023

Required:

Provide the journal entries in the books of Hexit Ltd to account for the above transactions for the year ending 30th June 2023.