(Integrated Foreign Subsidiary) On December 31, 2019, Hilman Enterprises of Montreal paid $12,000,000 for 100% of the outstanding shares of Wilsen Corp of the United States. Wilsen's fair values approximated its book values on that date. Wilsen's comparative balance sheets for 2019 and 2020 are shown below: Balance Sheet as at December 31 (in U.S. Dollars)

Other Information: Exchange Rates:

Wilsen paid US$100,000 in dividends on September 30, 2020. The inventories on hand at the end of 2020 were purchased when the exchange rate was US$1 = CDN$1.195. Sales, purchases and other expenses occurred evenly throughout the year.

Translate the amounts below that would appear on Wilsen's 2020 Income Statement or Balance Sheet if Wilson's functional currency is the same as Hilman Enterprises' functional currency (i.e., the Canadian dollar).

1. Inventory - January 1, 2020

2. Other Expenses for 2020

3. Sales for 2020

4. Inventory December 31, 2020

5. Write in one or two paragraphs the key challenges the public sector faces in preparing consolidated financial statements. Please refer to the material from the lecture by Sandra Califaretti.