prepare table showing gain/loss on the hedging instrument and provide journal entries for paradise ltd. to account for the hedge.

On 1 April 2021 Paradise Ltd, an Australia entity, places an order for US$3.5 million of inventory with Blue Ltd, a US supplier. The goods will be purchased FOB New York. A decision is made to take out a foreign exchange forward-rate contract for US$3.5 million on 1 April 2021 with the Bank in which the Bank agrees to supply Paradise Ltd with US$3.5 million on 1 August 2021. The goods are shipped on 1 June 2021 and are paid for on 1 August 2021. Relevant exchange rates are as follows Date 1 April 2021 1 June 2021 30 June 2021 1 August 2021 Spot rate A$1= US$0.92 A$1= US$0.89 A$1= US$0.85 A$1= US$0.88 Forward rate A$1= US$0.89 A$1= US$0.86 A$1= US$0.82 A$1= US$0.88 Assume that the hedging arrangement satisfies the requirements for hedge accounting as stipulated in AASB 9 Financial Instruments', and the management of Paradise Ltd adopts Cash flow hedge accounting. Required: (a) Prepare a table showing Gains/losses on the hedging instrument. (b) Provide the journal entries for Paradise Ltd to account for the hedge (Narrations are not required)