This question is related to hedge accounting, can i get the solution for it and a clear explanation for every single step made ? As if you're explaining it to someone for the first time. thank you

2. Co A in Australia buys some used equipment from Co I in the United States 31 March 2007, Co A in Australia orders some used equipment from Co I in the United States. A contract is signed on 31 July 2007 (i.e. this is the date of purchase) for USD 90,000. (USD - American Dollar). Payable is due on 31 August 2007. Co A must also pay transport and insurance costs of SAUD1,000 on 31 July 2007 (to be debited to the equipment account) At the date of the purchase of the equipment, the written down value of the equipment in Co I's ledger was USD 100,000. On 31 March 2007, Co A also enters FEC at a forward rate of 1.21$A for USD1 to pay USD 90,000 on 31 August 2007 in AUD (Australian dollars) $108,900. Designated to hedge the receivable that will follow from the sale of the equipment. Assume the conditions are met to qualify for hedge accounting Co A considers the equipment to have a further useful life of 10 years and applies the straight line depreciation method 30 June is Co A's reporting date Spot rate SA for USDI I FV of forward contract 31/3/07 1.24 0 30/6/07 1.18 300 31/7/07 1.16 550 31/8/07 1.22 900 Brackets imply a liability, no brackets imply an asset Required Prepare all journal entries including any additional journal entries necessary at 30 June 2008