On January 1, 2021, North Ltd. (NL), a Canadian company, acquired 83% of South Co. (SC), a foreign company, for FC 610,572 . At the acquisition date, the carrying value of SC's net assets equaled their fair value except for the equipment which had a carrying value of FC 640,000 and a fair value of FC 560,000 . At the acquisition date, SC's equipment had a remaining useful life of 8 years. There was a FC 6,250 impairment of the goodwill which occured evenly throughout 2020. NL declared and paid dividends of $928,000 on December 31,2020 . $C declared and eaid dividends of FC 164,000 on December 31,2020 . Selected financial statements for NL and $C are presented below. Required: Prepare the consolidated financial statements at December 31, 2020, using a. the functional currency translation (FCT) method (assuming the Canadian dollar is the functional currency) and b. the oresentation currencv translation [PCT) method. On January 1, 2021, North Ltd. (NL), a Canadian company, acquired 83% of South Co. (SC), a foreign company, for FC 610,572 . At the acquisition date, the carrying value of SC's net assets equaled their fair value except for the equipment which had a carrying value of FC 640,000 and a fair value of FC 560,000 . At the acquisition date, SC's equipment had a remaining useful life of 8 years. There was a FC 6,250 impairment of the goodwill which occured evenly throughout 2020. NL declared and paid dividends of $928,000 on December 31,2020 . $C declared and eaid dividends of FC 164,000 on December 31,2020 . Selected financial statements for NL and $C are presented below. Required: Prepare the consolidated financial statements at December 31, 2020, using a. the functional currency translation (FCT) method (assuming the Canadian dollar is the functional currency) and b. the oresentation currencv translation [PCT) method