Question: no handwritten answer please, I can't read hand writings so please just type. thanks On 1 July 2022, Chen Lid enters into an arrangement with

no handwritten answer please, I can't read hand writings so please just type. thanks

type. thanks On 1 July 2022, Chen Lid enters into an arrangement

On 1 July 2022, Chen Lid enters into an arrangement with a European bank-Elliott Bank-to borrow (800,000. The term of the loan is 4 years with interest payable annually in arrears on 30 June at the rate of 8 per cent. The exchange rate information is: 1 July 2022 A$1 = 60.60 30 June 2023 A$1 = 60.65 Required: What journal entries are required in Chen Ltd's books for 1 July 2022 and 30 June 2023 in accordance with AASB 121 ' The Effects of Changes in Foreign Exchange Rates? Round to the nearest dollar. Narrations are not required.\f

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