Joint Pte Ltd acquired Combine Inc. (Combine), a company incorporated in USA, on 1 January 2011. Combine is a subsidiary company of Joint Pte Ltd. Below is the equity section of the Statement of Financial Position of Combine.

	31-Dec-12	31-Dec-11	01-Jan-11
	US$	US$	US$
Share capital	1,500,000	1,500,000	1,500,000
Retained earnings	1,430,000	1,190,000	850,000
Revaluation reserve	600,000	310,000	-
	3,530,000	3,000,000	2,350,000

The profit after tax for 2012 and 2011 is $440,000 and $340,000 respectively. Combine carried out revaluation of their fixed assets on 1 April 2011 and 3 June 2012. On 15 August 2012, Combine paid $200,000 dividends to its shareholders. Combine operates in a non-hyperinflationary economy.

The following show the exchange rates of 1 US Dollars (US$) to Singapore Dollar (S$):

Date	S$ per US$
01-Jan-11	1.20
01-Apr-11	1.15
31-Dec-11	1.30
03-Jun-12	1.25
15-Aug-12	1.29
31-Dec-12	1.40
Average for 2011	1.16
Average for 2012	1.24

Required:

Calculate Combines translated net assets balance in S$ as at 31 December 2012 to be included in Joints consolidated financial statements using the Closing Rate Method. (2 marks)

Copy and fill up the table below, to translate the equity balances, using the Closing Rate method. Also, calculate the value of the foreign currency translation reserve as at 31 December 2012. (11 marks)

	(in US$)	(in S$)
Share capital	1,500,000
Retained earnings	1,430,000
Revaluation reserve	600,000