Australian Limited is an Australian manufacturer of Merino wool sweaters. To expand their business, Australian Limited l

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Australian Limited is an Australian manufacturer of Merino wool
sweaters. To expand their business, Australian Limited looked to
foreign acquisitions to increase their market share. Therefore, on
1 July 2021, Australian Limited acquired 100% of Woodside Limited,
a retailer of woolen garments which was incorporated in the United
States. The net assets of Woodside Limited on that date consisted
of:
US$
Share capital
234,000
General reserve
19,500
Retained profits
97,500
Total equity
351,000
The relevant exchange rates for the period are as follows:
US$1 = A$
1 July 2021
1.5
Average for year 2021/2022
1.42
31 September 2021
1.49
Average (July – December 2021)
1.46
31 December 2021
1.42
Average (January – June 2022)
1.38
30 June 2022
1.37
Average for June 2022
1.36
31 July 2022
1.42
Additional information relating to Woodside
Limited:
Required:
The functional currency is considered to be Australian Dollars
(AUD$). Prepare the translation of the 30 June 2022 financial
statements of Woodside Limited (in US$) into Australian Dollars
(AUD$). Round all numbers to the nearest whole
number.