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On 1 July 2004 Waugh Ltd Enters into an Arrangement

Question 37

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On 1 July 2004 Waugh Ltd enters into an arrangement with a US bank - Big Bank - to borrow US$900,000. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is:
On 1 July 2004 Waugh Ltd enters into an arrangement with a US bank - Big Bank - to borrow US$900,000. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is: What journal entries are required in Waugh Ltd's books for 1 July 2004 and 30 June 2005 in accordance with AASB 121 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
What journal entries are required in Waugh Ltd's books for 1 July 2004 and 30 June 2005 in accordance with AASB 121 (rounded to the nearest whole $A) ?


A) On 1 July 2004 Waugh Ltd enters into an arrangement with a US bank - Big Bank - to borrow US$900,000. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is: What journal entries are required in Waugh Ltd's books for 1 July 2004 and 30 June 2005 in accordance with AASB 121 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
B) On 1 July 2004 Waugh Ltd enters into an arrangement with a US bank - Big Bank - to borrow US$900,000. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is: What journal entries are required in Waugh Ltd's books for 1 July 2004 and 30 June 2005 in accordance with AASB 121 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
C) On 1 July 2004 Waugh Ltd enters into an arrangement with a US bank - Big Bank - to borrow US$900,000. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is: What journal entries are required in Waugh Ltd's books for 1 July 2004 and 30 June 2005 in accordance with AASB 121 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
D) On 1 July 2004 Waugh Ltd enters into an arrangement with a US bank - Big Bank - to borrow US$900,000. The term of the loan is 3 years with interest payable annually in arrears on 30 June at the rate of 10 per cent. The exchange rate information is: What journal entries are required in Waugh Ltd's books for 1 July 2004 and 30 June 2005 in accordance with AASB 121 (rounded to the nearest whole $A) ? A) B) C) D) E) None of the given answers.
E) None of the given answers.

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