LEARNING ACTIVITY 7.2 Translation of Foreign Currency Financial Statemonts The following additional information is given: (a) Depreciation is charged at a rate ot 5% per annum b) There were no loan repayments or movements in non-curent assets during the year ended December 31, 2014. The opening nventory of Shack Co was 100. Assume that inventory turnover (c) Larry Co. has had its intarest in Shack Co. since the The Solowing exchange rates are applicable " 8 $ 1 when Shack Co was incorporated 24 -$1 when Shack Co. acquired its non-ourrent assets 3.5-$1 on December 31, 2013 2.5 31-average rate of exchange for the year ended .C1-$1 on December 31, 2014 Prepare the summarized consolidated financial statements of the Larry Co group for he year ended December 31, 2014 LEARNING ACTIVITY 7.2 Translation of Foreign Currency Financial Statemonts The following additional information is given: (a) Depreciation is charged at a rate ot 5% per annum b) There were no loan repayments or movements in non-curent assets during the year ended December 31, 2014. The opening nventory of Shack Co was 100. Assume that inventory turnover (c) Larry Co. has had its intarest in Shack Co. since the The Solowing exchange rates are applicable " 8 $ 1 when Shack Co was incorporated 24 -$1 when Shack Co. acquired its non-ourrent assets 3.5-$1 on December 31, 2013 2.5 31-average rate of exchange for the year ended .C1-$1 on December 31, 2014 Prepare the summarized consolidated financial statements of the Larry Co group for he year ended December 31, 2014