Big Aussie Ltd acquired all of the shares of Utah Limited on 1 July 2035. Utah Ltd provides the following information (items in US$) for the year:

• Land 750,000
• No land was acquired during the year

The following exchange rates applied:

Start of the reporting period US$ 1.00 = AUD $1.72

End of reporting period US$ 1.00 = AUD $1.47

Average rate for year US$ 1.00 = AUD $1.63

Calculate the Land value for the balance sheet translated into the presentation currency of AUD: