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Question o Week II - Ch 30 On 1 Mrch 2022 Possum Ltd,...

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Accounting

Question o Week II - Ch 30
On 1 Mrch 2022 Possum Ltd, an Australian entity, purchases US $1.5 million of inventory from Lincoln Inc., a US entity. The amount is paid on 1 August 2022. Possum Ltd has a 30 June financial year end.
Additional information
\table[[Date,Spot Rate],[1 March 2022,A$1.00= US $0.70
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