You are given the following information in relation to Quickbuck Limited:

Ls Quickbuck Limited is a US subsidiary of an Irish company, Prosperous Limited.

2. You are informed that the rates of exchange between the US dollar and the Euro were as follows:

a, 4, Ds Through 2016 and on 31 December 2016 $3 to €1 31 December 2017 $5 to €1 Average in 2017 $4 to €1 Average at date of acquisition of Quickbuck inventory held 31 December 2017 $4.8 to €1 Property, plant and equypment of Quickbuck Limited were bought in Ireland, shipped to and erected for Quickbuck Limited at a cost of €120,000.

The net book value of property, plant and equipment of Quickbuck Limited at 31 December 2017 was arrived at as follows:

$

Cost 300,000 Depreciation 30,000 270,000 Depreciation for 2017 30,000 All of the shares in Quickbuck Limited were acquired by Prosperous Limited when Quickbuck Limited was formed for €25,000.

When the dividends were paid from Quickbuck Limited to Prosperous Limited the rate of exchange was $4 to €1.

6. The statement of profit or loss and other comprehensive income of Quickbuck Limited for the year ended 31 December 2017 was as follows:

$ $

Revenue 544,275 Opening inventory 41,000 Purchases 152,925 Closing inventory (48,525) 145,000 Gross profit SS Ais Depreciation 30,000 Other expenses 271,050 301,050 Profit before taxation 98,225 Income tax expense 24,275 Profit after taxation 73,950 Dividends paid and proposed during the year ended 31 December 2017 by Quickbuck Limited were as follows:
Paid $10,000 Proposed $10,000 The proposed dividends were approved by shareholders of Quickbuck Limited prior to 31 December 2017.
7. The statement of financial position of Quickbuck Limited as at 31 December 2017 was as follows:
$
Assets Non-current Assets:
Property, plant and equipment 270,000 Current Assets:
Balance at bank 9,475 Receivables 45,500 Inventory 48,525 103,500 Total assets 373,500 Equity and Liabilities Equity:
Ordinary share capital 75,000 Retained earnings 70,450 145,450 Non-current liabilities:
Loan 90,000 Current liabilities:
Payables 103,775 Taxation 24,275 Dividends 10,000 138,050 Total equity and liabilities ; 373,500 Requirement You are required to translate the accounts of Quickbuck Limited into € where:

(a) Quickbuck Limited has a different functional currency than Prosperous Limited; and

(b) Quickbuck Limited has the same functional currency as Prosperous Limited.