Question 20: Accounting for Foreign Currency (10 Marks) Pacific Ltd is a Fiji company that purchases inventory from Kiwi Ltd, which is a New Zealand company. On 11 May 2020, Pacific Ltd purchased inventory for NZ$500 000. At the financial year end 30 June 2020, the inventory was still unpaid. Pacific Ltd made cash payment on 31 July 2020 after a careful check on the inventory. The foreign currency exchange rates are shown bellow. Date 11-May-2020 30-June-2020 31-July-2020 Exchange rate FJ$1 = NZ$0.71 FJ$1 = NZ$0.72 FJ$1 = NZ$0.69 Required: Provide all of the journal entries of Pacific Ltd that relate to the foreign currency purchase of inventory. (Narrations are not required)