On January 1, 2020, May LTD. (ML), a Canadian company acquired 90% of Jane Co. (JC), a foreign company, for FC 623,200. At the acquisition date, the carrying value of JC's net assets equaled their fair value except for the equipment which had a carrying value of FC 800,000 and a fair value of FC 500,000. At the acquisition date, JC's equipment had a remaining useful life of 10 years. There was a FC 25,000 impairment of the goodwill which occurred evenly throughout 2020. ML declared and paid dividends of $928,000 on December 31, 2020. JC declared and paid dividends of FC 164,000 on December 31, 2020.

Selected financial statements for ML and JC are presented below.

Mary Ltd. Statement of Financial Position As of December 31, 2020 (in $CAD)
Assets:
Current Assets
Cash and cash equivalent	$562,080
Accounts Receivable	$700,000
Inventory	$1,376,000
	$2,638,080
Noncurrent Assets
Plant and equipment, net	$2,752,000
Investment in Jane Co.	$1,558,000
	$4,130,000
Total Assets	$6,948,080
Liabilities and shareholders' equity
Liabilities
Current Liabilities	$923,600
Accounts Payable and accrued liabilities
Non current liabilities
Notes Payable	$1,860,000
	$2,783,600
Shareholders' equity
Share capital	$1,562,960
Retained earnings	$2,601,520
	$4,164,480
Total Libailities and shareholders' equity	$6,948,080

Mary Ltd. Statement of Income For the year end December 31, 2020 (in $ 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

Jane Co. Statement of Financial Position (in FC)
	December 31, 2020	January 1, 2020
Assets:
Current Assets
Cash and cash equivalent	$360,000	$164,000
Accounts Receivable	$408,000	$280,000
Inventory	$484,000	$364,000
	$1,972,000	$1,608,000
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
Share capital	$400,000	$400,000
Retained earnings	$390,000	$146,000
	$790,000	$546,000
Total Libailities and shareholders' equity	41,972,000	$1,608,000

Jane Co. Statement of Income For the year end December 31, 2020 (in FC)
Sales	$8,400,000
Cost of Sales	$5,304,000
Other expenses*	$2,688,000	$7,992,000
Net Income	$408,000

*Includes depreciation

Jane Co. Statement of Changes in Equity Retained Earnings Section For the year end December 31, 2020 (in FC)
Retained earnings, Jan. 1, 2020	$146,000
Net Income	$408,000
Dividend declared	$(164,000)
Retained earnings, Dec. 31, 2020	$390,000

Selected Exchange Rates	1FC = X.XX CAD
January 1, 2020	$2.50
December 31,2020	$2.75
Date when ending inventory was purchased	$2.68
Average for 2020	$2.69

Required:

Prepared the consolidated financial statements at December 31, 2020 using

1. The functional currency translation (FCT) method (assuming the Canadian dollar is the functional currency) and

2. The presentation currency translation (PCT) method.