On 1 November 2018, Lamir Bhd purchased a machine from a supplier located in a country whose local currency is the groat. The agreed purchase price was 600,000 groats, payable on 31 January 2019. The asset was modified to suit Lamir Bhd's purposes at a cost of RM30,000 during November 2018 and brought into use on 1 December 2018. The directors of Lamir Bhd estimated that the useful economic life of the machine from date of first use was five years.

Relevant exchange rates were as follows:

1 November 2018 2.5 groats to RM1

1 December 2018 2.4 groats to RM1

31 December 2018 2.0 groats to RM1

31 January 2019 2.1 groats to RM1

Explain with reference to the appropriate financial reporting standard and show (where possible by quantifying amounts) how the events would be reported in the financial statements of Lamir Bhd for the year ended 31 December 2019.