=+4. The rates of exchange were as follows:

1 January 2003-— $2:€1 31 December 2005 — 150;51 1 January 2005-— $1.80:€1 Average rate 2005 $1.60:€1 v5. On 1 January 2005, GOLD entered into a finance lease in respect of excavation machinery with a cash price of €597,000. The agreement required 20 quarterly payments of €40,000 starting from 1 January 2005. None of the accounting entries in respect of this have been recorded in the company’s books and records.