Sherneel Ltd is an Australian company that receives design services from Gohsher Incorporated. On 18 May 2021, Sherneel Ltd received an invoice from Gobsher Incorporated amounting to US$3 million for services provided over the period 1 January 2021 to 30 April 2021. On 15 July 2021, Sherneel Ltd paid the invoice. The functional currency of Shemeel Ltd is A$ and its financial year ends on 30 June. Applicable exchange rates are as follows. 1 Jan 2021 A$1 = US$0.70 30 Apr 2021 A$1 = US$0.64 Average rate - 1 Jan to 30 Apr A$1 = US$0.63 18 May 2021 A$1 = US$0.65 30 Jun 2021 A$1 = US$0.62 15 Jul 2021 A$1 = US$0.60 Required a) i) Prepare the entries of Sherneel, Ltd to record the effects of the design services and remittance charges transactions in accordance with AASB 121/1AS 21. Round up to the whole number. Exclude Journal narrations. ii) Briefly explain the exchange rates applied to recognise the purchase invoice on 18 May 2021. b) Wedding Cake Ltd has its shares listed on a securities exchange. It has entered a contractual agreement to issue $10 million of its ordinary shares to Island Ltd in two years' time. The number of shares to be ultimately issued will depend on the market price of the shares in two years' time. Should Wedding Cake Ltd recognise a financial liability, or an equity instrument, in relation to this agreement