Blakeseven exports "Orac" Artificial Intelligence (AI) systems for use in "Liberator" military drones produced by ServalanUS. On 12th June, 2022, Blakeseven received an order for 20 systems at USD 10 000 each, i.e. USD 200 000. As these systems are produced on a just-in-time basis, they will not be shipped/sold until 20th of July. This transaction does not meet the definition of a firm commitment. In anticipation of this sale, and in order to minimise currency risk exposure, Blakeseven takes a position on 12th June in a forward currency contract to sell USD 200 000, with a delivery date of 20th July. Blakeseven's financial year ended on 30th June. You may assume that the forward contracts meets the effectiveness conditions for a Cash Flow Hedge.

The following exchange and spot rate information is available:

Required

Following dates (with amounts shown to the nearest dollar):

1(st) May, 2022

15(th) May, 2022

30(th) June, 2022

15(th) July, 2022

If no journal entry is required on a particular date, then please state this and discuss why no entry is required.

date Spot rate 1st May, 2022 1.00 AUD = 0.72 EUR - 1.00 AUD = 0.70 EUR 15th May, 2022 30th June, 2022 1.00 AUD = 0.68 EUR 15th July, 2022 1.00 AUD = 0.66 EUR Forward rate for 15th July 1.00 AUD = 0.70 EUR 1.00 AUD = 0.69 EUR - 1.00 AUD = 0.67 EUR 1.00 AUD = 0.66 EUR 141