All the relevant data is given and mentioned

On 1 July 2028, New York Diner Ltd, an American company based in New York, acquired all of the issued shares of Top Springs Ltd, an Australian cattle grazing company based in the Northern Territory of Australia. The trial balance for Top Springs Ltd for the last two years appears below: Cash Accounts receivable Inventory (Opening balance) Land Buildings Accum. Depn. - Buildings Plant Accum. Depn.- Plant Patents Accounts payable Dividends Payable Provisions Loan - Bank of New York Share capital Retained earnings (Opening balance) Dividend paid Dividend declared Sales Purchases Depreciation - Buildings Depreciation - Plant Interest Y/E 30/06/29 Debit Credit 150,000 150,000 1,050,000 3,750,000 6,900,000 900,000 5,400,000 975,000 600,000 2,400,000 1,500,000 2,475,000 3,750,000 5,400,000 1,500,000 900,000 1,500,000 12,000,000 6,300,000 300,000 375,000 300,000 Y/E 30/06/28 Debit Credit 525,000 975,000 900,000 2,250,000 6,150,000 600,000 4,500,000 600,000 600,000 2,100,000 1,200,000 4,650,000 5,400,000 1,275,000 825,000 1,200,000 9,750,000 4,425,000 225,000 262,500 3,750,000 5,400,000 1,500,000 5,400,000 1,275,000 900,000 1,500,000 825,000 1,200,000 Loan - Bank of New York Share capital Retained earnings (Opening balance) Dividend paid Dividend declared Sales Purchases Depreciation - Buildings Depreciation - Plant Interest 12,000,000 9,750,000 4,425,000 225,000 262,500 6,300,000 300,000 375,000 300,000 2,137,500 1,087,500 30,900,000 Other expenses Income tax expense 1,762,500 975,000 25,575,000 30,900,000 25,575,000 Additional information 1. Closing inventory on 30 June 2029 was $2,100,000 and was acquired during June 2029 2. The loan of $AUD 3,750,000 from Bank of New York Ltd was granted on 1 July 2028. The interest rate is 8% per annum. Interest payments are made on the last day of each half year (31 December and 30 June) Land was acquired by Top Springs Ltd on 1 April 2029 for $1,500,000 3. Corporate Accounting 4. 5. Construction of buildings was completed and paid for on 1 October 2028 for $750,000. The buildings have a useful life of 10 years, with no residual value. Top Springs Ltd use straight-line method for all buildings. New items of plant were delivered and paid for on 31 December 2028 for $900,000. The plant have a useful life of 5 years, with no residual value. Top Springs Ltd use straight-line method for all plant. The interim dividend was paid on 31 December 2028 The dividend payable was declared on 30 June 2029 Sales, purchases and expenses were occurred evenly throughout the period. 6. 7. 8. 9. On consolidation, the partial goodwill method is used. The exchange rates for the financial year were as follows: 01-Jul-2028 01-Oct-2028 31-Dec-2028 01-Apr-2029 30-Jun-2029 Average June 2029 Average for 2028-29 AUD = US$ 0.60 0.62 0.64 0.67 0.70 0.69 0.65 Required 1. Prepare the following financial statements for Top Springs Ltd in Australian Dollars for the financial year ended 30 June 2029: A Statement of Profit or Loss 2. A Statement of Changes in Equity (column format) A Statement of Financial Position (current / non-current format) Note: Comparative data are not required Assume that the functional currency for Top Springs Ltd is the US dollar. Prepare a table in which you translate the financial data for Top Springs Ltd to the functional currency. Prepare the financial statements (as above) for Top Springs Ltd using the functional currency of US dollars. Provide a table in which you determine the opening and closing net monetary assets and verify the foreign currency translation adjustment. 3. 4. On 1 July 2028, New York Diner Ltd, an American company based in New York, acquired all of the issued shares of Top Springs Ltd, an Australian cattle grazing company based in the Northern Territory of Australia. The trial balance for Top Springs Ltd for the last two years appears below: Cash Accounts receivable Inventory (Opening balance) Land Buildings Accum. Depn. - Buildings Plant Accum. Depn.- Plant Patents Accounts payable Dividends Payable Provisions Loan - Bank of New York Share capital Retained earnings (Opening balance) Dividend paid Dividend declared Sales Purchases Depreciation - Buildings Depreciation - Plant Interest Y/E 30/06/29 Debit Credit 150,000 150,000 1,050,000 3,750,000 6,900,000 900,000 5,400,000 975,000 600,000 2,400,000 1,500,000 2,475,000 3,750,000 5,400,000 1,500,000 900,000 1,500,000 12,000,000 6,300,000 300,000 375,000 300,000 Y/E 30/06/28 Debit Credit 525,000 975,000 900,000 2,250,000 6,150,000 600,000 4,500,000 600,000 600,000 2,100,000 1,200,000 4,650,000 5,400,000 1,275,000 825,000 1,200,000 9,750,000 4,425,000 225,000 262,500 3,750,000 5,400,000 1,500,000 5,400,000 1,275,000 900,000 1,500,000 825,000 1,200,000 Loan - Bank of New York Share capital Retained earnings (Opening balance) Dividend paid Dividend declared Sales Purchases Depreciation - Buildings Depreciation - Plant Interest 12,000,000 9,750,000 4,425,000 225,000 262,500 6,300,000 300,000 375,000 300,000 2,137,500 1,087,500 30,900,000 Other expenses Income tax expense 1,762,500 975,000 25,575,000 30,900,000 25,575,000 Additional information 1. Closing inventory on 30 June 2029 was $2,100,000 and was acquired during June 2029 2. The loan of $AUD 3,750,000 from Bank of New York Ltd was granted on 1 July 2028. The interest rate is 8% per annum. Interest payments are made on the last day of each half year (31 December and 30 June) Land was acquired by Top Springs Ltd on 1 April 2029 for $1,500,000 3. Corporate Accounting 4. 5. Construction of buildings was completed and paid for on 1 October 2028 for $750,000. The buildings have a useful life of 10 years, with no residual value. Top Springs Ltd use straight-line method for all buildings. New items of plant were delivered and paid for on 31 December 2028 for $900,000. The plant have a useful life of 5 years, with no residual value. Top Springs Ltd use straight-line method for all plant. The interim dividend was paid on 31 December 2028 The dividend payable was declared on 30 June 2029 Sales, purchases and expenses were occurred evenly throughout the period. 6. 7. 8. 9. On consolidation, the partial goodwill method is used. The exchange rates for the financial year were as follows: 01-Jul-2028 01-Oct-2028 31-Dec-2028 01-Apr-2029 30-Jun-2029 Average June 2029 Average for 2028-29 AUD = US$ 0.60 0.62 0.64 0.67 0.70 0.69 0.65 Required 1. Prepare the following financial statements for Top Springs Ltd in Australian Dollars for the financial year ended 30 June 2029: A Statement of Profit or Loss 2. A Statement of Changes in Equity (column format) A Statement of Financial Position (current / non-current format) Note: Comparative data are not required Assume that the functional currency for Top Springs Ltd is the US dollar. Prepare a table in which you translate the financial data for Top Springs Ltd to the functional currency. Prepare the financial statements (as above) for Top Springs Ltd using the functional currency of US dollars. Provide a table in which you determine the opening and closing net monetary assets and verify the foreign currency translation adjustment. 3. 4