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Total 20 Marks 26 points Suggested time allocation: 36 minutes On 1 July 2019. Eagle Limited, an Australian company, acquired all of the issued shares in Washington Limited, a company incorporated in the USA. The financial year ends on 30 June Exchange rates are show 1 July 2019 USD$1=1.40 Average rate for year USD$1=1.50 Ending inventory acquired before year end) USD$1=1.55 30 June 2020 USD$1=1.60 The monetary amounts are in USD (US Dollars). It is the functional currency of Washington Limited. The abbreviated statement of profit or loss and other comprehensive income of Washington Limited for the year ending 30 June 2020 is as follows. USD Sales 2500 Cost of sales Inventory 1 July 2019 500 Purchase 2000 Inventory 30 June 2020 450 (2050) Administrative expense (75) Depreciation expense (100) Profit before tax 275 Income Tax expense (125) Profit for the year 150 Other comprehensive income Profit & Other Comprehensive Income 150 The Statement of Changes in Equity of Washington Limited for the year ending 30 June 2020 is as follows. USD Balance at 30 June 2019 -retained earnings 150 Balance at 30 June 2019-share capital 500 Save Bowers Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Pro Remaining Time: 3 hours, 08 minutes, 00 seconds Question Completion Status Balance at 30 June 2019 -retained earnings Balance at 30 June 2010 -share capital From the statement of profit or loss 150 500 And other comprehensive income Balance at 30 June 2020 - retained earnings Balance at 30 June 2020 - share capital 150 300 500 The Statement of Financial Position for the year ending 30 June 2020 of Washington Limited is as follows USD Assets Plant 950 Cash & Debtor 800 Inventory 450 Total Assets 2,200 Liabilities Loan 1000 Accounts Payable 400 Total Liabilities 1400 Net Assets 800 Shareholders Fund Share Capital Retained Earnings 500 300 Shareholders' Equity 800 Required: Translate the financial statements of Washington Limited into Australian dollars. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). T 11 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Clos MacBook Pro Total 20 Marks 26 points Suggested time allocation: 36 minutes On 1 July 2019. Eagle Limited, an Australian company, acquired all of the issued shares in Washington Limited, a company incorporated in the USA. The financial year ends on 30 June Exchange rates are show 1 July 2019 USD$1=1.40 Average rate for year USD$1=1.50 Ending inventory acquired before year end) USD$1=1.55 30 June 2020 USD$1=1.60 The monetary amounts are in USD (US Dollars). It is the functional currency of Washington Limited. The abbreviated statement of profit or loss and other comprehensive income of Washington Limited for the year ending 30 June 2020 is as follows. USD Sales 2500 Cost of sales Inventory 1 July 2019 500 Purchase 2000 Inventory 30 June 2020 450 (2050) Administrative expense (75) Depreciation expense (100) Profit before tax 275 Income Tax expense (125) Profit for the year 150 Other comprehensive income Profit & Other Comprehensive Income 150 The Statement of Changes in Equity of Washington Limited for the year ending 30 June 2020 is as follows. USD Balance at 30 June 2019 -retained earnings 150 Balance at 30 June 2019-share capital 500 Save Bowers Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Pro Remaining Time: 3 hours, 08 minutes, 00 seconds Question Completion Status Balance at 30 June 2019 -retained earnings Balance at 30 June 2010 -share capital From the statement of profit or loss 150 500 And other comprehensive income Balance at 30 June 2020 - retained earnings Balance at 30 June 2020 - share capital 150 300 500 The Statement of Financial Position for the year ending 30 June 2020 of Washington Limited is as follows USD Assets Plant 950 Cash & Debtor 800 Inventory 450 Total Assets 2,200 Liabilities Loan 1000 Accounts Payable 400 Total Liabilities 1400 Net Assets 800 Shareholders Fund Share Capital Retained Earnings 500 300 Shareholders' Equity 800 Required: Translate the financial statements of Washington Limited into Australian dollars. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). T 11 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Clos MacBook Pro

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