losses on the 3. Infotech Global Ltd. has a functional currency of USD and needs to translate its financial statements into the functional and presentation currency of Infotech Inc. (L$). The following balances appear in the books of of Infotech Global Ltd. at the year-end prior to translation: 15,274 USD LS 50,000 Property, plant and equipment Receivables 9,35,000 Total assets 9,85,000 Issued capital 50,000 30,055 Opening retained earnings 28,000 Profit & Loss A/c (Profit for the year) 20,000 Accounts payable 8,40,000 Accrued liabilities 47,000 Total equity and liabilities 9,85,000 Translate the above balances of Infotech Global Ltd. into L$ ready for consolidation by Infotech Inc. (Share capital and opening retained earnings have been pre-populated.) Prepare a working of the cumulative balance of the foreign currency translation reserve