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Northern Inc. is a Canadian company whose functional and reporting currency is the Canadian dollar. Northern purchased 100% of the common shares of Koala Corp.,
Northern Inc. is a Canadian company whose functional and reporting currency is the Canadian dollar. Northern purchased 100% of the common shares of Koala Corp., an Australian company, on December 31, 20X5. Koala's comparative statement of financial position as at December 31, 20X8, and statement of comprehensive income for the year ended December 31, 20X8, follow, in Australian dollars (A$):
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