On 1 May 2024, Yerrabi Ltd, an Australian company that has A\$ as its functional currency, purchases inventories for US\$200 000 with the invoice to be paid on 30 October 2024. On the same date as the inventories purchase, Yerrabi Ltd enters into a forward exchange contract to buy US\$200 000 on 30 October 2024. Assume a discount rate of \(0 \%\) for fair value calculations. Relevant exchange rates are as follows.

Required 

Prepare the necessary entries for Edmund Ltd up until and including 30 October 2024 in accordance with AASB 121/IAS 21.

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Spot rate US$1=A$1.53 Forward rate (for 30/10/2024) US$1=A$1.57 1 May 2024 30 Jun. 2024 US$1=A$1.56 30 Oct. 2024 US$1=A$1.48 US$1=A$1.60 US$1=A$1.48