Question 5 9 pts On 1 July 2019, Bruce Ltd acquired all the issued shares of Young Ltd. Bruce Ltd is an Australian company whose functional and presentation currency is Australian dollars. Young Ltd is an overseas subsidiary which operates in the United States and whose functional currency is the U.S. dollars. The trial balance of Young Ltd as at 1 July 2019 was: $US Retained Earnings 170 000 Share Capital 150 000 320 000 Cash 50 000 Accounts Receivable 100 000 Plant 350 000 Land 200 000 Accounts Payable (80 000) Loan (300 000) Net Assets 320 000 Additional information: Relevant exchange rates for the year were: 1 July, 2019 30 June, 2020 Average for the period 1 July, 2019-30 June, 2020 $US1 = 1.58 $AUD $US1 = 1.72 $AUD $US1 = 1.63 $AUD Young Ltd recorded an after-tax profit of US$130 000 and did not pay any dividend for the year ended 30 June 2020. Young Ltd's revenues were earned and expenses were incurred evenly over the financial year. Relevant exchange rates for the year were: 1 July, 2019 30 June, 2020 Average for the period 1 July, 2019 - 30 June, 2020 $US1 = 1.58 $AUD $US1 = 1.72 $AUD $US1 = 1.63 $AUD Young Ltd recorded an after-tax profit of US$130 000 and did not pay any dividend for the year ended 30 June 2020. Young Ltd's revenues were earned and expenses were incurred evenly over the financial year. Required: 1. What is the amount of retained earnings translated in Australian dollars at 30 June 2020? (Please enter a numerical value without "$") 2. What is the amount of share capital translated in Australian dollars at 30 June 2020? (Please enter a numerical value without "$") 3. What is the balance of Foreign Currency Translation Reserve at 30 June 2020? (Please enter a numerical value without "$") Question 5 9 pts On 1 July 2019, Bruce Ltd acquired all the issued shares of Young Ltd. Bruce Ltd is an Australian company whose functional and presentation currency is Australian dollars. Young Ltd is an overseas subsidiary which operates in the United States and whose functional currency is the U.S. dollars. The trial balance of Young Ltd as at 1 July 2019 was: $US Retained Earnings 170 000 Share Capital 150 000 320 000 Cash 50 000 Accounts Receivable 100 000 Plant 350 000 Land 200 000 Accounts Payable (80 000) Loan (300 000) Net Assets 320 000 Additional information: Relevant exchange rates for the year were: 1 July, 2019 30 June, 2020 Average for the period 1 July, 2019-30 June, 2020 $US1 = 1.58 $AUD $US1 = 1.72 $AUD $US1 = 1.63 $AUD Young Ltd recorded an after-tax profit of US$130 000 and did not pay any dividend for the year ended 30 June 2020. Young Ltd's revenues were earned and expenses were incurred evenly over the financial year. Relevant exchange rates for the year were: 1 July, 2019 30 June, 2020 Average for the period 1 July, 2019 - 30 June, 2020 $US1 = 1.58 $AUD $US1 = 1.72 $AUD $US1 = 1.63 $AUD Young Ltd recorded an after-tax profit of US$130 000 and did not pay any dividend for the year ended 30 June 2020. Young Ltd's revenues were earned and expenses were incurred evenly over the financial year. Required: 1. What is the amount of retained earnings translated in Australian dollars at 30 June 2020? (Please enter a numerical value without "$") 2. What is the amount of share capital translated in Australian dollars at 30 June 2020? (Please enter a numerical value without "$") 3. What is the balance of Foreign Currency Translation Reserve at 30 June 2020? (Please enter a numerical value without "$")
