On 1 January 2018, Entity P1 acquired the entire share capital of entity S1. The functional currencies of entities S1 and P1 are US$ and S$ (also presentation currency of P1) respectively. The net assets of S1 on 1 January 2018 were US$1,340,000. The financial statements of entity S1 on 31 December 2018 are as follows:

Statement of financial position (in US$) As of 31 December 2018

Current Assets
Cash	40,000
Accounts receivable	780,000
Inventory	230,000
Fixed assets
Building	1,800,000
Equipment	600,000
Total Assets	3,450,000
Current liabilities
Accounts payable	530,000
Non-current liabilities
Loan payable	940,000
Shareholder's equity
Share capital	1,340,000
Retained earnings	640,000
Total liabilities and equity	3,450,000

Income Statement (in US$) For year ended 31 December 2018
Sales revenue	6,600,000
Cost of goods sold	(5,400,000)
Gross profit	1,200,000
Operating expenses	(420,000)
Net profit before tax	780,000
Tax expense	(140,000)
Net income after tax	640,000
The US$/S$ exchange rates are as follows: 1 January 2018	1.42
31 December2018	1.48
Average for year 2018	1.45

Required

Prepare the translated 2018 financial statements of entity S1 in presentation currency.