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PART A On 1 October 2020, Merci invested in a 1 year bond as part of cash management policy. On that date the bond was accurately recorded as a financial asset under AASB 9 Financial Instruments. After initial recognition, no transaction was recorded subsequently. The bond details are as follows: Purchase Price Classification Credit impaired? Interest . . . $181,000 (Face value $180,000) Fair Value through other comprehensive income, FVTOCI) No Paid Quarterly 1st payment received 31 December 2020 5% coupon interest rate per annum Effective interest rate 4.43% per annum As at 31 December 2020 $177,000 12-month expected credit losses were determined to be $1,000 There has been no significant increase in credit risk in the bond as at 31 December 2020; . Fair Value Expected credit losses Required Prepare the three journal entries for the subsequent transactions for the year ended 31.12.20 (Narrations are required). (Rounded to the nearest whole $) (10 marks) PART B On 15 November 2020, Merci entered into a Singapore ringgit forward contract, to hedge the foreign currency risk attached to a large power tool inventory order. The relationship between the power tool order and the forward contract was designated as a fair value hedge. At year end the hedge has been assessed as effective, in line with hedge accounting requirements under AASB 9. The inventory was due to be received on 31 January 2021. Fair value of forward contract Unrecognised firm commitment(fair value of purchase order) ($800,000). ($900,000). 15.11.2020 31.12.2020 ($ 0) at inception $75,000 asset + Required Record the journal entry for the year ended 31.12.20 (narrations are required). ( 6 marks) PART C On 1 May 2017 Moorooba Exporters Ltd sells inventory to a customer in Singapore. The inventory is sold for $S300 000 and payment is not due until 30 July 2017. The reporting date for Moorooba Exporters Ltd is 30 June. Moorooba Exporters uses a perpetual inventory system. Narrations are not required. The exchange rate information is: 1 May 2017 A$1=$S1.10 30 June 2017 A$1=$S1.25 30 July 2017 A$1=$50.95 Required Prepare the journal entries a) to record the above transactions b) adjustments at the end of the period c) settlement in accordance with AASB 121. (rounded to the nearest whole A$). Narrations are not required. (8 marks) PART A On 1 October 2020, Merci invested in a 1 year bond as part of cash management policy. On that date the bond was accurately recorded as a financial asset under AASB 9 Financial Instruments. After initial recognition, no transaction was recorded subsequently. The bond details are as follows: Purchase Price Classification Credit impaired? Interest . . . $181,000 (Face value $180,000) Fair Value through other comprehensive income, FVTOCI) No Paid Quarterly 1st payment received 31 December 2020 5% coupon interest rate per annum Effective interest rate 4.43% per annum As at 31 December 2020 $177,000 12-month expected credit losses were determined to be $1,000 There has been no significant increase in credit risk in the bond as at 31 December 2020; . Fair Value Expected credit losses Required Prepare the three journal entries for the subsequent transactions for the year ended 31.12.20 (Narrations are required). (Rounded to the nearest whole $) (10 marks) PART B On 15 November 2020, Merci entered into a Singapore ringgit forward contract, to hedge the foreign currency risk attached to a large power tool inventory order. The relationship between the power tool order and the forward contract was designated as a fair value hedge. At year end the hedge has been assessed as effective, in line with hedge accounting requirements under AASB 9. The inventory was due to be received on 31 January 2021. Fair value of forward contract Unrecognised firm commitment(fair value of purchase order) ($800,000). ($900,000). 15.11.2020 31.12.2020 ($ 0) at inception $75,000 asset + Required Record the journal entry for the year ended 31.12.20 (narrations are required). ( 6 marks) PART C On 1 May 2017 Moorooba Exporters Ltd sells inventory to a customer in Singapore. The inventory is sold for $S300 000 and payment is not due until 30 July 2017. The reporting date for Moorooba Exporters Ltd is 30 June. Moorooba Exporters uses a perpetual inventory system. Narrations are not required. The exchange rate information is: 1 May 2017 A$1=$S1.10 30 June 2017 A$1=$S1.25 30 July 2017 A$1=$50.95 Required Prepare the journal entries a) to record the above transactions b) adjustments at the end of the period c) settlement in accordance with AASB 121. (rounded to the nearest whole A$). Narrations are not required. (8 marks)