Barlucchi International Ltd is a multinational company based in the United Kingdom (UK) and manufactures beers, which are sold in two other countries namely, United States (US) and France, through its subsidiaries based in these countries. Transactions between companies within the group have historically been in all the currencies of the countries where the subsidiaries are located and have not been centrally coordinated. At the end of February 2021, unsettled intercompany debts were as per table below: Owed to (read across) Owed by (read down) UK US France UK - $ 21 m 5 m US $ 15 m - $ 7 m France 20 m $ 4 m - Example: The US division owed $21 million to the UK division. The spot exchange rates at the end of February 2021 were as per table below: $/ 1 / 1 $ 1.4360 - $1.4368 1.6387 - 1.6392 Barlucchi International Ltd is planning to implement a central treasury management to settle inter-company balances whereby the pound sterling () will be used as the settlement currency. Calculate the inter-company currency transfers that will be required for settlement using the average spot rates.