X Ltd (Australian company) enters a forward exchange contract on 30 April x1 to lock in the price it will pay to buy US$ 100 000 on 31 July x1. X Ltd has a 30 June year end. Provide the journal entries at 30 April x1, 30 June x1 and 31 July x1 to record this transaction (no narrations required).

The spot exchange rate at 30 April x1 was 1.2 AUD per 1 US$, while at 30 June x1 it was 1.3 AUD per 1 US$ and 31 July 1.4 AUD per 1 US$ . The forward rate on 30 April x1 to buy American dollars in 3 months time was 1.25 AUD per 1 US$, while the comparative forward rate at 30 June x1 was 1.1 AUD per 1 US$ and at 31 July 1.4 AUD per 1 US$.