Strayway PLC sells two planes to Elliott & Elliott Budget Airlines PLC for 5 million euros each payable in two years' time on presentation of an accepted bill of exchange to be presented through Lloyds Bank. The face value of the bill is €10,000,000. Further enquiry ascertains that government bonds with two years to maturity yield 4% p.a. and Strayway borrows from their bank at 9%, and the average yield on commercial bills of exchange payable in two years-time is 8%.
Required:
Record the sale and associated transactions in the books of Strayway PLC.