Australian Limited is an Australian manufacturer of Merino

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:

The relevant exchange rates for the period are as follows:

US$1 = A$

Additional information relating to Woodside Limited:

1. Sales are seasonal and do not occur evenly throughout the year. 45% of total sales are generated in the first six months from July to December and the balance from January to June.

2. All expenses occur evenly throughout the year, except for closing inventory, which was purchased on 30 June 2022, and interest on the bank loan, which is paid semi-annually (an amount of US$3,900) on 31 December and 30 June each year.

3. The dividend was paid on 30 September 2021 and the dividend declared on balance date and will be paid in August 2022.

4. An additional item of equipment was purchased on 30 September 2021 for US$39,000. No other items of property, plant and equipment were purchased or sold during the year. All plant and equipment are depreciated on a straight-line basis at the rate of 20% p.a.

5. Land was purchased on 31 December 2021 for US$87,750.

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.