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Question - Big Aussie Ltd acquired all of the shares of Utah Limited on 1 July 2035. Utah Ltd provides the following information (items in US$) for the year:
-Land 2,325,000
-No land was acquired during the year
The following exchange rates applied:
Start of the reporting period US$ 1.00 = AUD $1.70
End of reporting period US$ 1.00 = AUD $1.50
Average rate for year US$ 1.00 = AUD $1.60
Required - Calculate the Land value for the balance sheet translated into the presentation currency of AUD?
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