Question: answers will automatically save as you proceed through the test. QUESTIONS 8: Foreign currency transactions (6 MARKS) ABC Ltd is an Australian company with a

answers will automatically save as you proceed through the test. QUESTIONS 8: Foreign currency transactions (6 MARKS) ABC Ltd is an Australian company with a functional currency of A$. The company entered into a number of transactions denominated in US$ during the year ended 30 June 2022. If the closing exchange rate is A$1.00 - US$0.80, determine the translated amount that will be in- cluded in the financial statements for the following transaction. A loan payable of US$600 000 arranged on 1 January 2022 when the exchange rate is A$1.00 - US$0.60. On 30 June 2022, the outstanding interest on the loan is US$20 000. E= Question 10 Required Prepare the journal entries to record this transaction in accordance with AASB 121 for the year ended 30 June 2022 (Ensure that your answers are rounded correctly up or down to the nearest dollar. ) B I A X X 2 . E E . 6 x

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