Question 19: Foreign Currency Transactions [15 Marks Suggested Time: You should spend about 30 minutes on this section. Pacific Green is a Fijian company with a functional currency of FJD$. The company has entered into numerous transactions denominated in NZDS during the year ended 30 June 2020. If the closing exchange rate is FJD$1.00 NZD$0.77, then determine the translated amount that will be included in the financial statements for each of the following balances, providing the necessary journal entries. A piece of Land at cost of NZD$400,000 acquired on 1 February 2020 when the exchange rate is FJD$1.00 - NZD$0.67 [1 mark] II. The piece of Land in I above was revalued to NZD$600,000 on 30 June 2020. [1 mark] A credit sale of NZD$80,000 on 12 March 2020 when the exchange rate is FJD$1.00 = NZD$0.69. Received cash from debtor of NZD$40,000 on 30 June 2020. [3 marks) IV. A Credit purchase of inventories worth NZDS250,000 on 15 June 2020 when the exchange rate is FJD$1.00 NZD$0.62. The creditor remains unpaid at 30 June 2020. [2 marks] I. III. V. A loan payable of NZD$800,000 arranged on 1 January 2020 when the exchange rate is FJD$1.00 = NZD$0.60. On 30 June 2020, the outstanding interest on the loan is NZD$20,000. [3 marks) A 6-month forward contract to buy NZD$3,000,000 entered into on 1 April 2020 at the forward rate of FJD$1.00 = NZD$0.72. On 30 June 2020, the forward rate for a 3-month forward contract to buy NZD$3,000,000 is FJD$1.00 - NZD$0.70. 15 marks VI