X Ltd. as the reporting entity has net investment in foreign operations in its two foreign subsidiaries, B Ltd. and C Ltd. Loans made between group…

X Ltd. as the reporting entity has net investment in foreign operations in its two foreign subsidiaries, B Ltd. and C Ltd. Loans made between group entities are permanent in nature (that is, settlement is neither planned nor likely to occur), X Ltd., with sterling (£) as its functional currency, is preparing its financial statements for the financial year ending on 31st March 2025. It has a loan receivable of US$ 1 million from its subsidiary C Ltd. that has been outstanding for some time. The parent notified the subsidiary at the beginning of the financial year that no repayment of the amount will be requested for the foreseeable future. The relevant exchange rates are as follows: Date Exchange (£1 = US$) 31 st March 2024 1.45 31 st March 2025 1.82 Determine the foreign exchange loss to be recognized in Parent X Ltd.'s standalone financial statements at 31st March 2025 with respect to loan receivable from subsidiary C Ltd.?