please post answers with workings

Q2(5): Prepare the journal entries to account for the 'hedge item' and 'the hedging instrument' for the year ended 31 December 2021. (25 marks) ACC20013 Company Accounting Assignment: Braddock Ltd Case Study Semester 1, 2022 Relating to Question 2(5)-forward rate contract On 16 May 2021, Braddock Ltd entered into a non-cancellable purchase commitment with Asalda Limited for the supply of aluminium for the Sky Utilities Ltd's project to be shipped on 1 June 2021, at which time control of the assets would be transferred to Braddock Ltd. However, the aluminium was finally shipped on 18 June 2021 due to some administrative issues. Total contract price was US$3 million, and the full amount was due for payment on 23 August 2021. Because of concerns about movements in foreign exchange rates on 16 May 2021, Braddock Ltd entered into a forward rate contract on US dollars with a foreign exchange broker so as to receive US$3 million on 23 August 2021 at a forward rate of A$1.00-US$0.7650 The respective spot rates are provided below. The forward rates offered on particular dates, for delivery of US dollars on 23 August 2021, are also provided. Forward rate for 23 December 2021 delivery of US$ Date Spot rate 0.7779 16 May 2021 0.7650 1 June 2021 0.7751 0.7590 18 June 2021 0.7477 0.7415 23 August 2021 0.7214 0.7214 Braddock Ltd prepares monthly management accounts and it elects to treat the hedge as a cash flow hedge. Braddock Ltd has yet recorded the necessary journal entries relating to this forward contract. Other information The statutory tax rate is 30%. Braddock Ltd depreciates its property, plant and equipment over 10 year unless otherwise stated