On 10 July 2022 Coolum Ltd provides some consulting advice to Florida Inc. (US) for an agreed fee of US$1 million. The amount is paid into the US bank account of Coolum Ltd on 10 July 2022. Coolum Ltd elects to leave the amount in the US bank account, which pays interest each year on 30 June at a rate of 10 per cent. The relevant exchange rates are:

10 July 2022 A$1.00 = US$0.78
30 June 2023 A$1.00 = US$0.75

REQUIRED
Provide the journal entries that would need to be made in the books of Coolum Ltd to account for the above transaction for the year ending 30 June 2023.