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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
Retained Earnings
292,500
Total Liabilities and Equity
Relevant exchange rates are:
January 1, 2021
S$ 1 = P45
S$ 1 = P42.50
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?
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