Forward contract with fair value hedging   LO10 On 1 May 2021, Edmund Ltd, an Australian company that has A$ as its functional currency, purchases inventories for US$100 000 with the invoice to be paid on 30 October 2021. On the same date as the inventories purchase, Edmund Ltd enters into a forward exchange contract to buy US$100 000 on 30 October 2021. Assume a discount rate of 0% for fair value calculations. Relevant exchange rates are as follows. Forward rate (for 30/10/2021) 1 May 2021 US$1 = A$1.53 US$1 = A$1.57 30 June 2021 US$1 = A$1.56 US$1 = A$1.60 30 October 2021 US$1 = A$1.48 US$1 = A$1.48 Required Prepare the necessary entries for Edmund Ltd up until and including 30 October 2021 in accordance with AASB 121/IAS 21.