R Ltd sell surfboards to a Japanese company.

The company sell 50 surfboards for a value of 930,000 Japanese Yen. Under the conditions of the contract, surfboards were sold FOB Sydney and were shipped to Osaka on 20 April 2020. The payment for these surfboards was agreed to be paid by three equal instalments on 30 April, 31 May and 30 June. The company's financial year ends on 30 June 2020.

The following exchange rates were applicable:

20 AprilA$1.00 = JPY68

30AprilA$1.00 = JPY61

31 MayA$1.00 = JPY69

30 JuneA$1.00 = JPY76

Required:

1. Prepare journal entries to record the purchases of surfboards and other related transactions by R Ltd in accordance with AASB 9 and other relevant standards. (Narrations are required)
2. Determine the impact of these transactions on profit or loss.