#1. On 1 January 2017 Emerald Plc raised a 1-year 9% loan of $1,000,000 from overseas. Interests are accrued at 31 December (not evenly through the year) and paid when the loan is repaid on 1 January 2018. Part of the loan was spent immediately to purchase equipment for 700,000. The payment for the purchase was made on 01 February 2017 from $ bank account of Emerald Plc. The remaining part of the loan was kept at this bank account till the end of the year. Required Show the extract of statement of financial position as at 31/12/2017 and statement of total comprehensive income for the period ended 31/12/2017 in respect of the operations described above. (Note: PL effect should be shown in separate lines according to the nature of gain/loss) NB Functional currency of Emerald Plc is . The exchange rates were as follows: 01 January 2017 1:$2.20 1: 1.6 01 February 2017 1:$2.25 1: 1.65 31 December 2017 1:$2.30 1: 1.8 Be careful with the task! You should take into account interest accrual, cash balance. You may assume that equipment is not depreciated