Reference no: EM133185529

Question - Faith Company owns a subsidiary in Singapore whose statement of financial position in Singapore dollars for the last two years follow: (The subsidiary operates independently and not integral to the operation of the parent)

(in Singapore Dollars)	December 31, 2021	December 31, 2022
ASSETS
Cash and cash equivalents	90,000	75,000
Receivables	367,500	442,500
Inventory	480,000	510,000
Property and Equipment, net	765,000	690,000
Total Assets	1,702,500	1,717,500
Liabilities and Equity
Accounts Payable	165,000	225,000
Long-term debt	967,500	855,000
Ordinary Share	345,000	345,000
Retained Earnings	225,000	292,500
Total Liabilities and Equity	1,702,500	1,717,500

Relevant exchange rates are:

January 1, 2021	S$ 1 = P45
December 31, 2021	S$ 1 = P42.50
December 31, 2022	S$ 1 = P47.50
Average for 2021	S$ 1 = P43.75
September 12, 2021	S$ 1 = P40

Faith Company formed the subsidiary on January 1, 2021. Income of subsidiary was earned evenly throughout the years and subsidiary declared dividends worth S$15,000 on September 12, 2021 and none were declared during 2022.

Required - How much is the cumulative translation adjustment for 2022?