Forward contract with no hedging   LO3, 6, 10 On 1 February 2020, Robbie Ltd, an Australian company that has A$ as its functional currency, enters a forward exchange contract to buy £200 000 in 6 months’ time at 31 July 2020. The contract is entered into for speculative purposes as the management of Robbie Ltd believe that future economic conditions will lead to an appreciation in the £ relative to the A$. Relevant exchange rates are as follows. Spot rate Forward rate (for 31/7/2020) 1 Feb. 2020 — date of contract inception £1 = A$1.68 £1 = A$1.80 30 June 2020 — end of reporting period £1 = A$1.72 £1 = A$1.82 31 July 2020 — date of contract settlement £1 = A$1.65 £1 = A$1.65 Assume a discount rate of 0% for fair value calculations. Required 1. Prepare the necessary entries for Robbie Ltd up until and including 31 July 2020 in accordance with AASB 121/IAS 21. 2. Assuming that the forward contract entered is to sell £200 000, prepare the necessary entries for Robbie Ltd up until and including 31 July 2020. The other features of the contract stay the same.