Part B: Translation of Financial Statements into Functional Currency Question No. 04 (10 Marks) The financial statement of Lantau Limited for year 2018 is given below in Hong Kong Dollars. You are required to carry out the translation of financial statements into functional currency and prepare the financial statement into Singaporean dollars HKS Rate $S Sales 0.26 000 0, Cost of sales: Opening inventory 0.20 00 000 Purchases 0.26 000 097 000 0 0.24 Closing inventory 000 09 000 097 Gross profit 000 50 0.25 Proceeds of land sold 000 00 0.20 Carrying amount of land sold 200 000 Gain on sale 000 0S 000 000 Expenses: 0.20 Depreciation 000 0