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) ?
Definitions:
Marginal Benefit
The extra value or contentment obtained when one more unit of a good or service is consumed or produced.
Positive Externality
A benefit that is enjoyed by a third-party as a result of an economic transaction.
Spillover Benefit
An advantage that results from an activity or product but benefits those who are not directly involved in its production or consumption.
Pollution Abatement
The reduction or elimination of pollution to protect the environment, typically involving strategies and technologies to control emissions and contaminants.
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