Problem:

Ahmed Corporation, a British subsidiary of Nasser Corporation (a US company) was formed by on January 1, 2019 in exchange for all of the subsidiary's common stock. Ahmed has now ended its second year of operations on December 31, 2020. Relevant exchange rates are:

January 01, 2019 = 1 = $1.50 (historical rate)

December 31, 2020 = 1 = $1.65 (current rate)

2020 average rate = 1 = $1.63 (average rate)

Ahmed's adjusted trial balance is presented below for the calendar year 2020. The amount of equity adjustment carried over from 2019 is a credit balance of $41,250 (in dollars) and Retained Earning on 01-01-2020 $409,500

			In Pounds
Debits:
Cash			75,000
Accounts receivable			362,000
Inventory			41,000
Building			400,000
Land			100,000
Depreciation expense			10,000
Other expenses			133,000
Cost of goods sold			380,000
Total debits			1,501,000
Credits
Accumulated depreciation			17,500
Accounts payable			154,750
Common stock			450,000
Retained earnings			262,500
Sales revenue			616,250
Total credits			1,501,000

Required: For Ahmed's second year of operations, under IFRS - IAS 21 prepare the following:

1. Translation working papers;
2. Translated income statement; and
3. Translated balance sheet.