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On October 1, 2019, Primark Corporation, a UK company sold a truck to ABC Corporation, a US company, for $10,000 and ABC agreed to pay in pounds on March 1, 2020

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On October 1, 2019, Primark Corporation, a UK company sold a truck to ABC Corporation, a US company, for $10,000 and ABC agreed to pay in pounds on March 1, 2020. The spot rates for the British pound on October 1, 2019, December 31, 2019, and March 1, 2020, are $1.60, $1.58, and $1.64, respectively. Required: 1- Record these transactions in the accounting records of ABC Corporation and Primark Corporation 2- Did the U.S. dollar strengthen or weaken from October to March? Prove your answer, and state the implications for ABC business? (18 Marks)