Practice Question 7.3 Orstralia Ltd is an Australian company that receives management consulting services from Spin Incorporated. On 15 June 2020, Orstralia received an invoice from Spin amounting to US$5 million for services provided over the period 1 January 2020 to 31 May 2020. On 15 July 2020, Orstralia paid the invoice. The functional currency of Orstralia Lid is A$ and its financial year ends on 30 June. Applicable exchange rates are as follows: 01/01/2020 A$1 = US$0.70 31/05/2020 A$1 = US$0.64 Average 01/01/2020 to 31/05/2020 A$1 = US$0.65 15/06/2020 A$1 = US$0.62 30/06/2020 A$1 = US$0.60 15/07/2020 A$1 = US$0.58 Required Prepare the entries of Orstralia Lid to record the effects of the management fee transaction and related cash balance in accordance with AASB 121/IAS 21