On January 01, 2021, Smith Ltd. (SL), a Canadian company, acquired 75% of Weston Co. (WC), a foreign company, for FC 596,140. At the acquisition date, the carrying value of WC's net assets equaled their fair value except for the equipment which had a carrying value of FC 960,000 and a fair value of FC 650,000. At the acquisition date, WC's equipment had a remaining useful life of 12 years. There was a FC 17,500 impairment of the goodwill which occured evenly throughout 2020. SL declared and paid dividends of $928,000 on December 31, 2020. declared and paid dividends of FC 164,000 on December 31, 2020.

Selected financial statements for SL and WC are presented below

1,a) Smith Ltd. Statement of Financial Position As of December 31, 2020 (in S CAD)
Assets
Current assets
Cash and cash equivalents	562,080
Accounts receivable	700,000
Inventory	1,376.00
	2,638,080
Noncurrent assets	2,752,000
Plant and equipment, net	1,558.00
Investment in Weston Co.	4,310,000
Total assets	6,948.08
S
Liabilities and shareholders' equity
Liabilities
Current liabilities	923,600
Accounts payable and accrued liabilities
Non current liabilities	1,860.00
Notes payable	2,783,600
Shareholders' equity
Share capital	1,562,960
Retained earnings	2,601,520
S	4,164,480
Total liabilities and shareholders equity	$ 6,948 080

1B) Smith ltd. Statement of income For the year ended December 31, 2020 (in S CAD)
Sales		$16,246,180
Dividend income		405,900
		16,652,080
Cost of sales	8,256,000
Other expenses*	7,124,000	15,380,000
Net income		1,272,080
*includes depreciation

1C)Weston Co. Statement of Financial Position (in FC)
	Dec. 31, 2020	Jan. 1, 2021
Assets
Current assets
Cash and cash equivalents	360,000	164,000
Accounts receivable	408,000	280,000
Inventory	484,000	364,000
	1,252,000	808,000
Noncurrent assets
Plant and equipment, net	720,000	800,000
Total assets	1,972,000	1,608,000
Liabilities and shareholders' equity
Liabilities
Current liabilities	542,000	422,000
Accounts payable and accrued liabilities
Non current liabilities
Notes payable	640,000	640,000
	1,182,000	1,062,000
shareholders' equity	400,000	400,000
Share capital	390,000	146,000
Retained earnings	790,000	546,000
Total liabilities and shareholders' equity	1,972,000	1,608,000

1D)Weston Co. Statement of income For the year ended December 31, 2020 (in FC)
Sales		8,400,000
Cost of sales	5,304,000
Other expenses*	2,688,000
Net income		7,992,000
		408,000
*includes depreciation

1E) Weston Co. Statement of Changes in Equity Retained Earnings Section For the year ended December 31, 2020 (in FC)
Retained earnings, Jan. 1, 2021	146,000
Net income	408,000
Dividends declared	-164,000
Retained earnings, Dec. 31, 2020	390,000

Selected Exchange Rates
1-Jan-21	$2.50
31-Dec-20	2.75
Date when ending inventory was purchased	$2.52
average for 2020	2.65

Required: Prepare the consolidated financial statements at December 31, 2020, using a. the functional currency translation (FT) method (assuming the Canadian dollar is the functional currency) and b, the presentation currency translation (PCT) method.

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