Question: Question 6 (10 points) Saved (a) On 1 July 2022, Lawrence Ltd enters into an arrangement with a US bank-Peter Bank-to borrow US$3,000,000. The

Question 6 (10 points) Saved (a) On 1 July 2022, Lawrence Ltd enters into an arrangement with a US bank-Peter Bank-to borrow US$3,000,000. The term of the loan is 5 years with interest payabl annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is: 1 July 2022 30 June 2023 Required: A$1 = US$0.62 A$1 US$0.48 What journal entries are required in Lawrence 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). (6 marks) (b) Ozzie Hat Ltd manufactures farm-style hats in Australia. It has a subsidiary in the United States (US). The US subsidiary purchases hats from its parent entity, Ozzie 16C Part

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