Plaxton Inc. is a company located in Canada and uses the Canadian dollar as the functional currency. Plaxton began operations January 1, 2012. Its shareholders are American and would like the statement to be presented in U.S. dollars. The following is an excerpt from Plaxton€™s financial statements for 2012 and 2013. The changes in Other Comprehensive Income occur evenly over the year. Dividends were declared at year end. There was no other comprehensive income at the day of acquisition.

The following exchange rates exist for the U.S. dollar relative to the Canadian dollar:

Date    …………………….   U.S. $1 = × C$

January 1, 2012           ……..   1.02

December 31, 2012     ……..   1.11

Average 2012  …………….    1.01

December 31, 2013     ……     1.21

Average 2013  …………..      1.004

Required
Translate the Plaxton financial statements as at December 31, 2013 from its functional currency to its presentation currency.

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2013 2012 $ 180,000 229,000 420,300 372,500 154,900 35,000 10,000 $1.401,700 $330,000 92,000 46,000 80,000 100,000 531,700 10,000 212,000 $1,401,700 $160,000 215,000 10,000 212,000 65,000 40,000 4,000 $706,000 $330,000 92,000 Inventory Financial assets Cash Plant and machinery Land Income tax expense Dividend declared Share capital Other components of equity Retained earnings (1/1/13) Income before income tax Bonds Other current liabilities Dividend payable Accumulated depreciation-plant and machinery 90,000 40,000 40,000 4,000 110,000 $706,000