PLS HELP, MY DEADLINE IS IN 3 HOURS

QUESTION 4 Total 15 marks You are the chief financial officer of an Australian listed company, Hilboro Companies Ltd that has a functional currency in A$ and a financial year-end of 30 June. Hilboro Companies Ltd enters into a range of sales and purchase contracts with foreign entities and occasionally enters into foreign exchange contracts to hedge against foreign exchange risks. Some of these are listed in the following: i) On 27 May 2020, Hilboro Companies Ltd purchased inventory from a New Zealand supplier for NZ$50,000 on a FOB shipping contract. The inventory was shipped on 27 May 2020 and received in Australia on 16 June 2020. The account was paid on 3 July 2020. Relevant exchange rates are: Date Exchange Rate 27 May 2020 NZ$1 = A0.93 16 June 2020 NZ$1 = A0.92 30 June 2020 NZ$1 = A0.90 3 July 2020 NZ$1 = A0.95 ii) On 1 June 2020, Hilboro Companies Ltd sold inventory to a Chinese customer for US$300,000 on a FOB destination contract, with payment due on 30 September 2020. The inventory was shipped on 1 June 2020 and received in Beijing, China on 28 June 2020. On 1 June 2020, Hilboro Companies Ltd also entered into a forward exchange contract to sell US$300,000 on 30 September 2020, which is designated as a hedge of the customer account. On 30 September 2020, the Chinese customer settled its account and the forward exchange contract was settled. Relevant exchange rates are: Date Spot Rate 1 June 2020 28 June 2020 30 June 2020 30 September 2020 A$1 = US$0.74 A$1 = US$0.75 A$1 = US$0.76 A$1 = US$0.77 Forward rate for 30 September 2020 A$1 = US$0.73 A$1 = US$0.74 A$1 = US$0.75 A$1 = US$0.77 111) As part of a strategy to expand operations into New Zealand, Hilboro Companies Ltd purchased some land in New Zealand on 1 February 2020 for NZ$750,000. Hilboro Companies Ltd settled this account on 1 March 2020. The land was revalued on 30 June 2020 to NZ$800,000. Relevant exchange rates are: Date Exchange Rate 1 February 2020 NZ$1 = A0.85 1 March 2020 NZ$1 = A0.86 Requirement: (15 marks) Prepare the journal entries for Hilboro Companies Ltd to record the above transactions and foreign exchange movements. Show all workings and journal narrations