On 1 0 July 2 0 2 2 Coolum Ltd provides some consulting advice to Florida Inc.
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Question:
On July Coolum Ltd provides some consulting advice to Florida Inc. US for an agreed fee of US$ million. The amount is paid into the US bank account of Coolum Ltd on July Coolum Ltd elects to leave the amount in the US bank account, which pays interest each year on June at a rate of per cent. The relevant exchange rates are:Page
July A$ US$
June A$ US$
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 June
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