On the 31st October 2020, Maduka plc, a UK company purchased a machine for 1,000,000,000 Nigerian Naira (NGN), when the exchange rate between the two currencies involved was 1 GBP to 500,000 NGN. The currency in which Maduka plc prepares its accounts is GBP. The year end of Maduka plc is 31st December 2020, when the exchange rate was 1GBP to 400,000 NGN. The asset was finally paid for on 5th January 2021, when the exchange rate was 1 GBP to 550,000 NGN Requirements Explain how the above transaction would be shown in the financial statements in the year ended 31st December 2020 and year ended 31 December 2021. You should refer to relevant accounting standards in your answer. (Work to the nearest ). 10 marks