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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 a branch in Mexico. Therefore, the subsidiary maintains a ledger denominated in Mexican pesos (Ps) and a general ledger in Canadian dollars (C5). As of December 31, 2020, the subsidiary is preparing financial statements in anticipation of consolidation with the U.S. parent corporation. Both ledgers for the subsidiary are as follows: Credit CS 25,650 35,000 38,000 Niin Operation Canada Debit Accounts payable documulated depreciation Buildings and equipent C$ 175,000 Cash 34,000 Common stock Coat of goods sold 211,000 Depreciation expense 7.700 Dividends, 4/1/20 27,000 Cain on sale of equipment. 6/1/20 Inventory 87,000 Notes payable due in 2023 Receivables 76.000 Retained earninge, 1/1/20 Salary expense 31,000 Sales Utility expense 9,800 Branch operation 6540 Totals CS 665,040 5,800 77.000 103,590 320,000 C$ 665,040 Credit Po 55,800 22,800 Branch Operation Mexico Debit Mocounts payable Accumulated depreciation building and equipment Pa 48,000 Cash 63,000 Depreciation expense 2,800 Inventory (beginning-Income statement) 31,000 Inventory (ending-Income statement) Inventory (ending-balance sheet) 32,000 Purchases 65,000 Receivables 29,000 Salary expense 9.000 Sale Main office Totals Po 280,600 32,000 132,000 30,000 Po 280.600 Additional Information The Canadian subsidiary's functional currency is the Canadian dollar, and Sendelbach's reporting currency is the U.S. dollar. The Canadian and Mexican operations are not viewed as separate accounting entities. . The building and equipment used in the Mexican operation were acquired in 2010 when the currency exchange rate was C5017 - Purchases of inventory were made evenly throughout the fiscal year. 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 account. This balance was remeasured into C$6,540 on December 31, 2020, Currency exchange rates for 1 Ps applicable to the Mexican operation follow: Ps 1 Weighted average, 2019 January 1, 2016 Weighted average rate for 2020 December 31, 2020 CH 0.22 0.24 0.26 January 1, 2020 Weighted average rate for 2020 December 31, 2020 0.24 0.26 0.27 The December 31, 2019, consolidated balance sheet reported a cumulative translation adjustment with a $44.950 credit (positive) balance The subsidiary's common stock was issued in 2007 when the exchange rate was $0.53-CSL The subsidiary's December 31, 2019, retained earnings balance was C5143,590, an amount that has been translated into U.S.$65,423 The applicable currency exchange rates for 1C5 for translation purposes are as follows: January 1, 2020 April, 2020 June 1, 2020 Weighted average rate for 2020 December 31, 2020 US$ 0.70 0.69 0.60 0.67 0.65 a. Remeasure the Mexican operation's account balances into Canadian dollars. (Note: Back into the beginning net monetary asset or liability position) b. Prepare financial statements (income statement, statement of retained earnings, and balance sheetfor the Canadian subsidiary in Its functional currency, Canadian dollars. C. Transiate the Canadian dollar functional currency financial statements into US dollars so that Sendelbach can prepare consolidated financial statements. Complete this question by entering your answers in the tabs below. Reg A Reg D and C 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.) Canadian Dollars Dobit Credit Accounts payable Accumulated depreciation Building and equipment Cash Depreciation expense Inventory (beginning income statement) Inventory (ending-Income statement) Inventory (ending-balance sheet) Purchase Recolvables Balary expense Sales Main Office To b. Prepare financial statements (income statement, statement of retained earnings, and balance sheet) for the Canadian subsidiary in its functional currency, Canadian dollar, 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) Show less SENDELBACH CORPORATION Financial Statements For the Year Ended December 31, 2020 Canadian Dollar Income Statement cs U.S. Dollar C$ Os 0.00 CS $ 0.00 Statement of Retained Earnings Retained earnings, 1/1/20 CSI Retained earnings, 12/31/20 CS 0 $ 0.00 Balance Sheet Assets Tote cs 0 $ 0.00 Liabilities and Equities: cs Total cs 05 0.00