Question 7 3 pts On 20 June, Sky Ltd acquires equipment on credit terms from a New Zealand supplier, Blue Ltd, for NZ$220 000. The exchange rate at 20 June was AUD$1.00 = NZ$1.24. On 30 June the exchange rate is AUD$1.00 = NZ$1.21. Sky Ltd pays Blue Ltd in full on 14 July when the exchange rate is AUD$1.00 = NZ$1.28. The journal entry recorded by Sky Ltd for the purchase of the equipment on 20 June is: No entry is required. DR Equipment AUD$177 419; CR Payable to Blue Ltd AUD$177 419 DR Equipment AUD$272 800; CR Payable to Blue Ltd AUD$272 800 DR Equipment AUD$220 000; CR Payable to Blue Ltd AUD$220 000