. UGT Plc bought a new car on credit from Nissan Plc for use by the CEO at a price of US$100,000 on 1st October 2019. The invoice value was due for settlement in two equal instalments on 30th November 2019 and 31 January 2020. The first instalment was paid on the due date. The exchange rate moved as follows:

1st October 2019GHS5.00 /$

30 November 2019GHS5.20/$

31 December 2019GHS5. 50/$

It is discovered that the entire transactions (acquisition of the car and the instalment payment) have been omitted from the accounting records.

Depreciation of the car is to be calculated and accounted for at the rate of 20% per annum (pro-rata).

How will the Asset be recognised in the Income Statement and the statement of financial position . Show workings

what will be the value of the asset to be recognised in the Financial Statement and the value of depreciation to be charged to the income statement for the year ended 31/12/2019