Mars Limited (ML) is listed on Pakistan Stock Exchange (PSX). During the year ended December 31, 2017, ML entered into the following contracts with a USA based company: On December 25, 2017, ML committed to buy certain financial assets on January 27, 2018 for US $ 105,000. The fair value of these assets on statement of financial position date and settlement date was US $ 105,500 and US $ 106,250 respectively. On December 27, 2017, ML agreed sell certain financial assets on January 25, 2018 having a carrying value of US $85,000 [Pakistani Rupees (PKR) 8,916,500] for US $90,000. The fair value of these assets on statement of financial position date and settlement date was US $89,500 and US $ 88,500 respectively. The above types of financial assets are classified by ML as held for trading. Exchange rates on relevant dates are as follows: . Date December 25, 2017 December 27, 2017 December 31, 2017 January 25, 2018 January 27, 2018 PKR per US $ 104.80 104.90 105.20 106.00 106.50 Required: Prepare accounting entries to the above transactions on the relevant dates, in accordance with the IAS 39 - Financial Instruments, using: (i) Trade date accounting (ii) Settlement date accounting