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Question) Mikakos Ltd is an Australian company that purchases inventories (PPE) from Shultz AG, which...

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Accounting

Question) Mikakos Ltd is an Australian company that purchases inventories (PPE) from Shultz AG, which is a German company. The most recent acquisition involved the acquisition of inventories for 150,000 pounds with contract terms including FOB shipping point. Credit dates are:

Date Event Exchange Rate

1 May 2020 Inventories Ordered A$1= 0.55 pounds

11 May 2020 Inventories shipped A$1= 0.58 pounds

30 June 2020 End of reporting period A$1= 0.60 pounds

31 July 2020 Payment A$1= 0.64 pounds

Required: Prepare the journal entries for Mikakos Ltd to record this transaction.

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