ABC Ltd, whose functional currency and presentation currency is S$, borrows a 3-year loan of US$100 million on 3 March 20x8 when the exchange rate was US$1.00 = S$1.20. The exchange rate on 31 December 20x8 is US$1.00 = S$1.30. In ABC Ltds 20x8 financial statements, the Loan payable and Exchange gain/loss should be respectively:

Group of answer choices

S$120 million and S$ nil.

S$130 million and S$10 million loss.

None of the listed choices.

S$120 million and S$10 million gain.

S$130 million and S$ nil.