Welch Ltd On 1 November 2008, Welch Ltd (functional currency E) buys a factory for 840,000 on credit. The exchange rate is 1 = 1.5. Welch Ltd carries all buildings at market value At 31 December 2008, Welch Ltd's end of the reporting period, the payable is still unsettled and the exchange rate is 1 = 1.4. The factory is valued at the year-end and has a fair value of 900,000. AS 21 Home > Assessment Bookmarks: VIEW ADD QuickFind: GO KeywordL Question 6 Consider the information provided in the attachment on Welch Ltd and then complete the brief summary below. Select the correct answers from the drop-down boxes. On initial recognition on 1 November 2008 the factory and payable are recorded at At 31 December 2008 the trade payable is recorded at 560,000 579,310 600,000 642,857 840,000