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Prepare journal entries for both the years mentioned Vodacom 20:20 68% J [30] QUESTION 3 Eagle Limited, a South African company placed an order for

Prepare journal entries for both the years mentioned

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Vodacom 20:20 68% J [30] QUESTION 3 Eagle Limited, a South African company placed an order for inventory from Vulture Limited, a company based in the U.S. The inventory was invoiced for $ 220 000. 27 The goods were loaded free on board (FOB) on 25 March 2019 and arrived in South Africa on 5 April 2019. Eagle Limited agreed to pay Vulture Limited in two equal instalments on the 31 May 2019 and 31 August 2019. As at 30 June 2019, 65% of the inventory was sold locally for cash. The remaining inventory was sold for cash during the 2020 financial year. Eagle Limited has a 30 June year end. The relevant exchange rates are as follows: 1S = R 25 March 2019 1$ = R1.10 05 April 2019 1$ = R1.45 31 May 2019 1$ = R1.30 30 June 2019 1$ = R1.60 31 August 2019 15 = R1.20 30 June 2020 1$ = R1.50 REQUIRED:- Prepare the journal entries of Eagle Limited for the years ended 30 June 2019 and 30 June 2020

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