QUESTION 3 The following are the unadjusted trial balance of Alfa Plc, an Australian company. Alfa Ple is a subsidiary of Alha Bhd. Its functional currency is Australian Dollar (AUD) as most of its transactions are denominated in AUD. Alfa Ple prepares its financial statements in AUD. The functional and presentation currency of Alha Bhd. is Ringgit Malaysia (RM). DR. (AUD 000) CR.(AUD 000") Sales 4,000 Purchases 3.000 Inventory, as at 1 January 2019 SO Accounts receivable 450 Bank 300 Accounts payable 270 Long-term loan 40 Share capital Operating expenses 1,100 Retained profit, as at 1 January 2019 250 340 Additional information: Inventory, as at 31 December 2019 is AUD200,000 ii. Some of the account receivables' balance at the financial year end were from the sales in US Dollar (USD) on 1 June 2019 amounting to USD40,000. Half of this receivable has been paid by the customers and the remaining balance is still due at the financial year end. Sales transactions in foreign currency were initially recorded using the spot iii. The long-term loan was raised in US Dollar (USD) for USD160,000 on 1 June 2019, Half of the long-term loan has been paid and the balance is still due at the financial year end. iv. For transactions (ii) and (iii), any effects due to the changes in the exchange rates have not been recorded at the financial year end. The following are relevant exchange rates at different dates: vi. AUD 1=USD AUDIERM 1 January 2019 2.20 1 June 2019 2.00 6.30 31 December 2019 2.50 6.20 Average rate for 2019 2.40 6.40 V. 6.50 Required: Translate the Statement of Profit and Loss and Statement of Financial Position of Alfa Ple for the year ended 31 December 2019 into the presentation currency of Alha Bhd, for the purpose of consolidation (Sub-Total =16 marks)