On January 1, 2020, Larmer Corp. (a Canadian company) purchased 80% of Martin Inc, an American company, for US$50,000.

Martin's book values approximated its fair values on that date except for plant and equipment, which had a fair value of US$30,000 with a remaining life expectancy of 5 years. A goodwill impairment loss of US$1,000 occurred during 2020. Martin's January 1, 2020 Balance Sheet is shown below (in U.S. dollars):

Current Monetary Assets $50,000

Inventory $40,000

Plant and Equipment $25,000

Total Assets $115,000

Current Liabilities $45,000

Bonds Payable (maturity: January 1, 2026) $20,000

Common Shares $30,000

Retained Earnings $20,000

Total Liabilities and Equity $115,000

The following exchange rates were in effect during 2020:

January 1, 2020: US $1 = CDN $1.3250

Average for 2020: US $1 = CDN $1.3350

Date when Ending Inventory Purchased: US $1 = CDN $1.34

December 31, 2020:US $1 = CDN $1.35

Sales, purchases and other expenses occurred evenly throughout the year.

Dividends declared and paid December 31, 2020.

The financial statements of Larmer (in Canadian dollars) and Martin (in U.S. dollars) are shown below:

Balance Sheets Larmer Martin Current Monetary Assets $42.050 $65,000 Inventory $60,000 $50,000 Plant and Equipment $23,500 $20,000 Investment in Martin (at Cost) $66,250 Assets $191,800 $135,000 Current Liabilities $50,000 $48,000 Bonds Payable (maturity: January 1, 2026) $35.000 $20,000 Common Shares $60.000 $30,000 Retained Earnings $30,000 $20,000 Net Income $28,800 $27,000 Dividends ($12,000) ($10,000) Liabilities and Equity $191,800 $135,000 Income Statements Larmer Martin Sales $80,000 $50,000 Dividend Income $10.800 Cost of Sales ($40,000) ($15,000) Depreciation ($10,000) ($5,000) Other expenses ($12,000) ($3,000) Net Income $28,800 $27,000 Prepare Larmer's December 31, 2020 Consolidated Balance Sheet if Martin's functional currency was the Canadian dollar (i.e. the same functional currency as the parent)