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Sphinx Ltd is an international company resident in Singapore. It acquired 70% of the issued shares of an Australian company, Koala Ltd, on 1 Jan
Sphinx Ltd is an international company resident in Singapore. It acquired 70% of the issued shares of an Australian company, Koala Ltd, on 1 Jan 2012 for A$560 000. The 2012 trail balance of Koala Ltd prepared in Australian dollar, which is also the functional currency, showed the following information:
REQUIRED:
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Translate the financial statements of Koala Ltd into Singapore dollars, which is the presentation currency, for inclusion in the consolidated financial statements of Sphinx Ltd.
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Verify the translation adjustment in the first requirement.
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