On 10 July 2014 Coolum plc, an Italian company, provides some consulting advice to Birmingham plc (UK) for an agreed fee of 1 million. The amount is paid into the UK bank account of Coolum plc on 10 July 2014. Coolum plc elects to leave the amount in the UK bank account, which pays interest each year on 30 June at a rate of 10 per cent. The relevant exchange rates are: LO 24.3 10 July 2014 30 June 2015 REQUIRED 1.00 0.78 1.00 0.75 Provide the journal entries that would need to be made in the books of Coolum plc to account for the above transac- tion for the year ending 30 June 2015.