QUESTION $4(20$ MARKS$)(30$ MINUTES$)$ FBF Ltd is a South African manufacturing company that manufactures and sells specialised tyres for sports cars across the world. FBF Ltd entered into the following transactions denominated in American dollars during the $2022$ financial year: On $1$ January $2022,$ FBF Ltd purchased $10$ batches of butadiene rubber and styrene rubber for the manufacturing of the tyres from USA at a total cost of $$100000.$ On $1$ February $2022,$ FBF Ltd paid Care Insurance cash R$30500($excluding VAT$)$ to insure the goods while in transit. The batches were shipped free on board $($FOB$)$ basis on $1$ February $2022$ and arrived at the Durban harbour on $23$ June $2022.$ Customs duty of R$45800($excluding VAT$)$ was paid on the date of arrival. The company uses the perpetual inventory recording system. FBF Ltd will settle the outstanding balance on $30$ January $2023.$ FBF ordered specialised machine with a value of $$245000$ and it was shipped Cost, Insurance Freight $($CIF$)$ on $1$ March $2022.$ Arrived at FBF$$s factory $1$ May $2022.$ Custom duty and freight charges R$165000$ on $01$ May $2022.$ Amount payable to supplier for machine by $31$ December $2022.$ A free$-$lance engineer was sent to oversee the installation of the machine on FBF$$s premises. His fee of R$132500($incl$.15\%$ VAT$)$ was paid on $31$ May $2022.$ Machine available for use $01$ June $2022.$ Machine taken into use $1$ July $2022.$ Machine is depreciated at $10\%$ straight line method. ADDITIONAL INFORMATION: $1.$ No forward cover was taken out in respect of any of the above$-$mentioned transactions. $2.$ The functional currency of FBF Ltd is South African Rand. $3.$ The end of the current reporting period is $31$ December $2022.4.$ The following exchange rates were applicable in $2022$ and $2023$: Date Spot rate $$1=$R $1$ January $202215\mathrm{.}811$ February $202215\mathrm{.}981$ March $202215\mathrm{.}051$ May $202216\mathrm{.}0731$ May $202216\mathrm{.}0023$ June $202216\mathrm{.}671$ July $202216\mathrm{.}451$ November $202217\mathrm{.}0531$ December $202217\mathrm{.}0830$ January $202317\mathrm{.}84**$ PLEASE TURN OVER FOR THE REQUIRED $**$ QUESTION $4($CONTINUED$)$ REQUIRED: a$)$ Prepare journal entries for all the transactions entered into by FBF Ltd for the reporting period ended $31$ December $2022.$ The journal entries are to be completed on Moodle by starting the $$Question $4$ Forex$$ test. You will be required to complete the journal entries by choosing the correct answers from a wide selection of answers. $(20)$ Please note: Journal dates are required; however journal narrations are not required. Show all calculations clearly and round$-$off to the nearest Rand. $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ Page $10$ of $10$