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QUESTION 3 [30] Eagle Limited, a South African company placed an order for inventory from Vulture Limited, a company based in the U.S. The inventory

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QUESTION 3 [30] 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 $220 000. 5 April 2019. 31 August 2019. The goods were loaded free on board (FOB) on 25 March 2019 and arrived in South Africa on Eagle Limited agreed to pay Vulture Limited in two equal instalments on the 31 May 2019 and As at 30 June 2019, 65% of the inventory was sold locally for cash. The remaining inventory was sold for cash during the 2020 financial year. Eagle Limited has a 30 June year end. The relevant exchange rates are as follows: 1$ = R 25 March 2019 1$ = R1.10 1$ = R1.45 05 April 2019 31 May 2019 1$ = R1.30 30 June 2019 1$ = R1.60 31 August 2019 1$ = 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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