Elgin Plc, a UK company, bought inventory on credit from Boston Ltd, a US company on 1 January 2019 at a cost of $5,000,000. The exchange rate ruling at that date was 1 = $1.50. At Elgin Plc.'s financial year end of 31 December 2019, the exchange rate was 1 = $1.65. The trade payable was settled on 30 June 2020 when the exchange rate was 1 = 1.55. What is the exchange difference arising as a result of the above transaction on the settlement date of 30 June 2020? Select one: O a. Loss 145,503 O b. Gain 195,503 O c. Gain 145,503 O d. Loss 195,503 Clear my choice Elgin Plc, a UK company, bought inventory on credit from Boston Ltd, a US company on 1 January 2019 at a cost of $5,000,000. The exchange rate ruling at that date was 1 = $1.50. At Elgin Plc.'s financial year end of 31 December 2019, the exchange rate was 1 = $1.65. The trade payable was settled on 30 June 2020 when the exchange rate was 1 = 1.55. At what amount will Elgin Plc. Carry the trade payable in its statement of financial position at 31 December 2019? = Select one: O a. 3,333,333 O b. 3,030,303 O C. 3,225,806 O d. 3,999,333 In preparing consolidated financial statements of a South African parent company with a foreign subsidiary, the foreign subsidiary's functional currency is determined to be the currency: Select one: O a. In which the subsidiary maintains its accounting records. O b. Of the country in which the subsidiary is located. O c. Of the country in which the parent is located. O d. Of the environment in which the subsidiary primarily generates and expends cash