Teak Bhd is a Malaysian property investment company with a 31 December financial year end. On 30 June 2021 Teak Bhd acquired a wholly owned subsidiary in the United States called Pinewoods Inc for a purchase consideration USD7 million. On that date, the fair value of the net assets of Pinewoods was USD5 million. The exchange rates at 30 June and 31 December 2021 were RM4 = USD1 and RM4.1= USD1 respectively. Pinewoods is involved in the purchase of land and development of residential properties. All its buyers are in the US and its sales and expenses are denominated in USD. Additionally, the working capital of Pinewoods is financed mainly from its own operations or from borrowings from US banks. Required: i) Explain (no calculation required) how the 31 December 2021 financial statements of Pinewoods Property Inc would be translated into Ringgit for the purpose of consolidation with its parent Teak Bhd. (5 marks) ii) Determine the goodwill that should be included in the group consolidated financial statement for the year ended 31 December 2021 if goodwill on the acquisition of Pinewoods is impaired by USD100,000 and the average exchange rate for 2021 was RM4.05=USD1