Additional information - The Canadian subsidiary's functional currency is the Canadian dollar, and Sendelbach's reporting currency is the U.S. dollar. The Canodian and Mexicon operations are not viewed as separate accounting entities. - The bullding and equipment used in the Mexican operation were ocquired in 2010 when the currency exchange rate was \\( \\operatorname{CS0} 2.2=\\operatorname{Ps} 1 \\). - Purchases of inventory were made evenly throughout the fiscal yoar. - Beginning inventory was acquired evenly throughout 2019 ; ending inventory was acquired evenly throughout 2020. - The Main Office account on the Mexican records should be considered an equity occount. This bolance was remeasured into CS7,960 on December 31, 2020. - Currency exchange rates for 1 Ps applicable to the Mexican operation follow: - The December 31,2019, consolidated balance sheet reported a cumulative translation adjustment with a \\( \\$ 48,950 \\) credit (positive) balance. - The subsidiary's common stock was issued in 2007 when the exchange rate was \\( \\$ 0.41=C 51 \\). - The subsidiary's December 31, 2019, retained earnings balance was C\\$147.590, an amount that has been translated into U.S \\( \\$ 72.343 \\) - The applicable currency exchange rates for \\( 1 \\mathrm{CS} \\) for translation purposes are as follows: - Remeasure the Mexican operation's account bolances into Canadian dollars. Note: Back into the beginning net monetary esset or liablity position? b. Prepare franclat statements fincome statement, statement of retained carnings, and balance sheep for the Canadian subsldiary in its functional currency. Canadian dollars. c. Transiate the Canadian dollar functionol currency financial statements into US. dollars so that Sendelbach can prepere consolidated financial statements. Complete this question by entering your answers in the tabs below. Remeasure the Mexican operation's account balances into Canadian dollars. (Note: Bock into the beginning net monetary asset or liability position.) (Input all amounts as positive values.) b. Prepare financial statements (income statement, statement of retained earnings, and balance sheet) for the Canadian subsidiary in its functional currency, Canadian dollars. c. Translate the Canadian dollar functional currency financial statements into U.S. dollars so that Sendelbach can prepare consolidated financial statements. (Round U.S. Dollar values to 2 decimal places. Amounts to be deducted and losses should be indicated with a minus sign.) Sendelbach Corporation is a U.S.-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto. Although this wholly owned company operates primarily in Canada, it engages in some transactions through branch in Mexico. Therefore, the subsidiary maintains a ledger denominated in Mexican pesos (Ps) and a general ledger in Canadian dollars (CS). As of December 31, 2020, the subsidiary is preparing financlal statements in anticipation of consolidation with the U.S. parent corporation. Both ledgers for the subsidiary are as follows: Complete this question by entering your answers in the tabs below. Remeasure the Mexican operation's account balances into Canadian dollars. (Note: Back into the beginning net monetary asset or liability position.) (Input all amounts as positive values.)
