Dale plc is a UK company which has the Pound Sterling as its

functional currency. The company has the following transactions in

Euros during the year to $31$ December $2010$ the financial years is

from $1$ January$-31$ December$1$ October $2010-$ Inventory costing $50,000$ Euros purchased on

credit from Y$1$ November $2010-$ Equipment costing $200,000$ Euros purchased on

credit from X and signed a note payable$30$ November $2010-$Paid Y $30,000$ Euros on account for the

inventory bought on $1$ October$15$ December $2010-$ Paid X $150,000$ Euros for the equipment

purchased on $1$ November.$$Exchange rates may be assumed as follows:$1$ October $2010-1$ Pound$=3\mathrm{.}0$ Euro$1$ November $2010-1$ Pound $=2\mathrm{.}80$ Euro$30$ November $2010-1$ Pound$=2\mathrm{.}50$ Euro$15$ December $2010-1$ Pound$=2\mathrm{.}40$ Euro$31$ December $2010-1$ Pound $=2\mathrm{.}20$ Euro$$Required:$$Record the journal entries for the transactions above$$Record the entries at the reporting date $31$ December $2010$Based on the entries above also, find$$A$.$The exchange$/$gain loss recognized in the books of Dale on

$30$ November $2010$B$.$The exchange$/$gain loss recognized in the books of Dale on

$15$ December $2010$C$.$The exchange gain$/$loss on retranslating the monetary

liability Accounts Payable for Y on the reporting date of $31$

December $2010$D$.$The exchange gain$/$loss on retranslating the monetary

liability Note Payable for X on the reporting date of $31$ December

$2010$E$.$The exchange gain$/$loss on retranslating

all the monetary items on the reporting

date$$ of $31$ December $2010$F$.$The Total exchange gain$/$loss that is reported in the

income statement of Dale Plc Company for

year ended $31$ December $2010$