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Question - Foreign Currency Transaction - Prosperity Ltd bought a new printing equipment on 1 September 2017 at a cost of US$100,000 from Mantrac Ltd. The purchase/sale agreement provided that the payment would be effected in two equal instalments on 1 November 2017 and 1 February 2018. The exchange rate between the GHS and the US$ moved as follows:
1 September 2017 GHS4.00 = US$1
1 November 2017 GHS 4.20 = US$1
31 December 2017 GHS4.15 = US$1
1 February 2018 GHS4.18 = US$1
Describe (with relevant calculations) how the recognition of and payment for the printing equipment would be accounted for in the 2017 financial statements.
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