Sydney Limited is an Australian manufacturer of Merino wool sweaters. To expand their business, Sydney Limited looked to foreign acquisitions to increase their market share. Therefore, on 01 July 2022, Sydney Limited acquired 100% of New York Limited, a retailer of woollen garments which was incorporated in the United States. The net assets of New York Limited on that date consisted of: US$ Share capital 259,200 General reserve 21,600 Retained profits 108,000 Total equity 388,800 Suppose the relevant exchange rates for the period are as follows: US$1=A$ 01 July 2022 1.53 01 November 2022 1.48 31 December 2022 1.45 01 February 2023 1.5 30 June 2023 1.47 31 August 2023 1.52 Average for year 2022/2023 1.46 Average (July - December