The following shows the equity section of the Balance Sheet of KL Ltd, incorporated in Malaysia, which is a subsidiary company of Local Ltd:

			01/01/2011		31/12/2012
			(in MYR)		(in MYR)
Share Capital				3,000,000	3,000,000
Revaluation Reserves				500,000	1,500,000
Retained profit				4,300,000	5,500,000
				7,800,000	10,000,000

This subsidiary was acquired in 1 January 2010.

The following shows the exchange rates of Singapore Dollar (SGD) to Malaysian Ringgit (MYR):

Date SGD/MYR

Rate

1/1/2010 0.45

31/12/2010 0.42

31/12/2011 0.40

Average for 2012 0.42

Average for 2011 0.41

Average for 2010 0.43

Assume that the profit after tax of Malaysia Ltd for 2010 and 2011 was $700,000 and $500,000 respectively. Another revaluation was done on the assets of KL Ltd on 31/12/2011. The net assets of KL Ltd (which functions in a non-inflationary economy) translated based on the Closing Rate method amounted to SGD 5,000,000 as at 31/12/2012.

Required:

Copy and fill up the table below, to translate the equity balances, using the Closing Rate method (Show your workings clearly). Calculate the value of the Foreign Currency Translation Reserve for Local Ltd as at 31 December 2012.

	(in MYR)	(in SGD)
Share Capital	3,000,000
Revaluation Reserves	1,500,000
Retained profit	5,500,000