QUESTION 4 Total 15 marks You are the chief finance officer of an Australian listed company, Emerging Companies Ltd, that has a functional currency in AS and a financial year end of 30 June. Emerging Companies Ltd enters into a range of sales and purchase contracts with foreign entities, and occasionally enters into foreign exchange contracts to hedge against foreign exchange risks. Some of these are listed in the following: 1) On 27 May, 2000. Emerging Companies Ltd perchased inventory from a New Zealand applier fee NZ$50.000 en Toe slipping cott The inventory was shipped on 27 May 200 od received in the 16 June 2000. The account was paid July 2020. Relevant change teste Dute Exchange Rate 27 May 2030NZS101 16 June 2020NZST 1092 30 June 2020NZS1-AOS My2020 NZSE-0.95 > On 1 Ton 2020. Emerging Companies sold inventory to Malaysia customer for US$300,000 FOB destination with payment de on 30 September 2012. The inventory was shipped on June 10, and received in Kuala Lumpur, Malaysia on 28 June 2020. On 1 June 2000 Emerging Compunies Ltd also entered into a forwand exchange contacte sell US$300,000 30 September 30, which is designated as a hedge of the customer account. Os 30 September 2000, the Malaysian customer settled its account and the forward exchange contract was sented Relevant exchange rates Date Sport Rate Toward rate for so Smer 1 June 2030 ASI - US$0.34 ASI-LES$0.33 28 June 2020 ASIUSS0.75 ASI - US$8.78 30 June 2030 ASTUS. 16 ASI-U90.5 30 September 2000 ASI USS 72 ASTUS$0.77 DAs put of expandations New Zealand Emerging Companies id purchased some land in New Zealandos Foray 100 for NZS750.000 Emerging Companies to March 2000. The land www 30 June 2000 te NZS Relea exchangers Date Exchange Rate 1 February 2000 NZ$1 = ADNS 1 March 2020 NZS1A06 30 June 2000 NZSI - AD00 Question continued Requirement: 125 Prepare the journal entries for Emerging Companies Lad to record the above transactions and foreign exchange movements Swall pandora narration QUESTION 4 Total 15 marks You are the chief finance officer of an Australian listed company, Emerging Companies Ltd, that has a functional currency in AS and a financial year end of 30 June. Emerging Companies Ltd enters into a range of sales and purchase contracts with foreign entities, and occasionally enters into foreign exchange contracts to hedge against foreign exchange risks. Some of these are listed in the following: 1) On 27 May, 2000. Emerging Companies Ltd perchased inventory from a New Zealand applier fee NZ$50.000 en Toe slipping cott The inventory was shipped on 27 May 200 od received in the 16 June 2000. The account was paid July 2020. Relevant change teste Dute Exchange Rate 27 May 2030NZS101 16 June 2020NZST 1092 30 June 2020NZS1-AOS My2020 NZSE-0.95 > On 1 Ton 2020. Emerging Companies sold inventory to Malaysia customer for US$300,000 FOB destination with payment de on 30 September 2012. The inventory was shipped on June 10, and received in Kuala Lumpur, Malaysia on 28 June 2020. On 1 June 2000 Emerging Compunies Ltd also entered into a forwand exchange contacte sell US$300,000 30 September 30, which is designated as a hedge of the customer account. Os 30 September 2000, the Malaysian customer settled its account and the forward exchange contract was sented Relevant exchange rates Date Sport Rate Toward rate for so Smer 1 June 2030 ASI - US$0.34 ASI-LES$0.33 28 June 2020 ASIUSS0.75 ASI - US$8.78 30 June 2030 ASTUS. 16 ASI-U90.5 30 September 2000 ASI USS 72 ASTUS$0.77 DAs put of expandations New Zealand Emerging Companies id purchased some land in New Zealandos Foray 100 for NZS750.000 Emerging Companies to March 2000. The land www 30 June 2000 te NZS Relea exchangers Date Exchange Rate 1 February 2000 NZ$1 = ADNS 1 March 2020 NZS1A06 30 June 2000 NZSI - AD00 Question continued Requirement: 125 Prepare the journal entries for Emerging Companies Lad to record the above transactions and foreign exchange movements Swall pandora narration