You are the finance director of the Australian listed company, Fire Ltd that has a functional currency in AUD. Fire Ltd that has borrowings from a US bank. The company's financial year ends on 30 June 2020. Fire Ltd entered the following transaction during the year.

On 1 January 2020, Fire Ltd borrowed US $6,000,000 from an investment bank in the United States for a 12-month period. The borrowing has a fixed rate of interest at 10% p.a. payable at 6- month intervals. On 1 April 2020, Fire Ltd entered a 9- month forward contract to buy US $ 5,000,000 in order to hedge against the foreign exchange risk on the US $ loan principal. The following exchange rates apply.

Date	Spot rate	Forward rate for 31/12/2020
1 Jan 2020	A$1 = US$ 0.89	A$1 = US$ 0.84
1 Apr 2020	A$1 = US $ 0.86	A$1 = US$ 0.82
30 June 2020	A$1 = US $ 0.85	A$1 = US $ 0.79
31 Dec 2020	A$1 = US $ 0.80	A$1 = US $ 0.80

Assume 0% discount rate for fair value calculations.

Prepare the entries of Fire Ltd to account for its foreign currency transactions.