Question 1 Fr y Ltd has the following foreign currency transactions in the year to 31/12/20X0: 15/11 Buys goods for $40,000 on credit from Texas Inc 15/11 Sells goods for $60,000 on credit to Alamos Inc 20/11 Pays Texas Inc $40,000 for the goods purchased 20/11 Receives $30,000 on account from Alamos Inc in payment for the goods sold 20/11 Buys machiner y for $100,000 from Chicago Inc on credit 20/11 Borrows $90,000 from an American bank 21/12 Pays Chicago Inc $80,000 for the machiner y The exchange rates at the relevant dates were: 15/11 1 = $2.60 20/11 1 = $2.40 21/12 1 = $2.30 31/12 1 = $2.10 Required: Calculate the profit or loss to be reported in the financial statements of Fry Ltd at 31/12/20X0