Question 3 (Marks: 10) Your company, Corona Limited, imports masks from China. You have ordered a large shipment from China of COVID-19 masks. These masks were bought on 31 October 2020 for $ 150 000.00 and you have bought these on credit. The shipment leaves China on 1 November and arrives on 3 November The spot rate on 31 October 2020 was R13,2/$ while it was R12,55/$ on 3 November. You incurred R27 000.00 freight costs and 10% the purchase price was attributable to import duties (both import duties and freight costs were paid for via eft). The risks and rewards pass when the stock arrives in South Africa. 0.3.1 You are required to write a memo to the CEO of Corona Limited relating to your understanding of how you would account for the above transaction. HINT: Discuss and also use journal entries with narrations and calculations to showcase your understanding of the above scenario