Question 2 - 2nd semester 2013 On 1 February 2014, Candlenut Lid signs a contract to purchase equipment from a manufacturer located in the USA. The cost of the equipment is US$200,000. The construction of the equipment is completed on 1 March 2015 and payment is made on 30 June 2015. Additional information Candlenut Ltd has financial years ending on 30 June. Relevant exchange rates are as follows: 1 February 2014 $AUDI = US$0.77 30 June 2014 SAUDI = US$0.79 1 March 2015 $AUDI = US$0.82 30 June 2015 SAUDI = US$0.90 Required Prepare journal entries for the purchase of the asset for the period 1 February 2014 to 30 June 2015 in accordance with AASB 121 and AASB 123. Narrations are not required - round all calculations to the nearest dollar. [Total for Question 2 = 10 marks] Date particulars Debit Credit 1/2/ 14 30/6/14 1/3/15 30/6/15