_l |_ Aussie Ltd acquired 100% of Sing Sing Ltd (Sing Sing) on 1 July 20×0. The balance sheet of Sing Sing as at 30 June 20X1 was as follows.1 J…

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_l |_Aussie Ltd acquired 100% of Sing Sing Ltd (Sing Sing) on 1 July 20×0. The balance sheet of Sing Sing as at 30 June 20X1 was as follows. .1 J Balance Sheet as at 30 June 20X1 .1 J J 5:; J 5$ JMachinery — carrying value 300 000 Share capital 4 400 000 4Investment property 4 400 000 General Reserve – 200 000 JReceivables J 500 000 Retained earnings 4 1 000 000 JCash 4 600 000 Accounts payable .- 170 000 JJ Income tax payable 30 000 J1 800 000 J 1 800 000 JJ J J J J Relevant exchange rates are as follows. .1 J A$ S$ 1July ZDXOJ 1.DD= 1.15 J30 June 20X1 -I 1. DD = 1.25 J Average 20X0—X1 1. 00 = 1. 22 4 If the local currency of Sing Sing is Singapore dollars and the functional currency is Australiandollars, the total assets of S$1 800,000 would translate into Australian dollars as: .1 J I: $1 565 217. J$1 440 000. J $1 488 696. J ‘1’1’1’1 $1 475 410. J

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