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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

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 ear loan which carries interest at 10% pavable 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

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