Question
Emu Co Ltd purchased a foreign operation based in Singapore on 1 July 2017. The following information was extracted from the foreign operation's accounts for
Emu Co Ltd purchased a foreign operation based in Singapore on 1 July 2017. The following information was extracted from the foreign operation's accounts for the period ended 30 June 2019:
Table A | |
Account | Amount S$ |
Equipment | 650 000 |
Debentures | 900 000 |
Inventory | 98 000 |
Depreciation expense | 54 000 |
Share capital | 4 000 000 |
Sales | 850 000 |
Table B | |
Exchange rate information is: |
|
1 July 2017 | S$1.00 = A$1.0520 |
Average rate for year | S$1.00 = A$1.0700 |
1 June 2019 | S$1.00 = A$1.0735 |
Last quarter 2019 | S$1.00 = A$1.0600 |
30 June 2019 | S$1.00 = A$1.0690 |
Required:
Using an appropriate exchange rate from Table B, provide new individual amounts for each item given in Table A keeping in mind that we translate into presentation currency from functional currency (rounded to the nearest A$)?
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