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On 10 July 2019 Corona Ltd enters into an arrangement with a Barclays bank in...

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Accounting

On 10 July 2019 Corona Ltd enters into an arrangement with a Barclays bank in US to borrow US$900 000. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is:

Date

Exchange rate

10 July 2019

AU$1 = US$0.78

30 June 2020

AU$1 = US$0.62

Prepare the relevant journal entries that are required in Corona Ltd's books for 10 July 2019 and 30 June 2020 in accordance with AASB 121 (rounded to the nearest whole AU$)?

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