Foreign Currency Transactions Exercises Exercise 2 XYZ Ltd has a financial year end of 31 December. In October it enters into a contract to buy some machinery from Max Co, an overseas supplier, (FOB shipping) for FC$60,000 which is shipped on 30 October. The machinery is delivered on 18 December and settlement is on 12 January The following exchange rates for FC$1 may be relevant: Date Rate (NZ$) 30 October 1.10 18 December 1.15 31 December 1.18 12 January 1.20 Required: Record the appropriate journal entries for the above transactions along with the corresponding entries in the ledger accounts, Max Co. and Foreign Currency Gains or Losses (FCGL)