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:Page $1223$

$10$ July $2022$ A$$1\mathrm{.}00=$ US$$0\mathrm{.}78$

$30$ June $2023$ A$$1\mathrm{.}00=$ US$$0\mathrm{.}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 $2023.$

Answer rating: 100% (QA)

To account for the transaction between Coolum Ltd and Florida Inc for the year ending 30 June 2023 t... View the full answer