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Please use the following information to answer question 2 . Consolidated Motors is a U . S . - based corporation that sells mechanical engines
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Consolidated Motors is a USbased corporation that sells mechanical engines and components used by electric utilities. Its Canadian subsidiary, ConsolCan, operates solely in Canada. It was created on December X and
Consolidated Motors determined at that time that it should use the US dollar as its functional currency.
Chief Financial Officer Monica Templeton was asked to explain to the Board of Directors how exchange rates affect the financial statements of both ConsolCan and the consolidated financial statements of Consolidated Motors. For the presentation, Templeton collects ConsolCan's balance sheets for the years ended X and XExhibit as well as relevant exchange rate information Exhibit
tableEXHIBIT tableConsolCan Condensed Balance SheetFiscal Years Ending DecemberCanadian $ in MillionsAccount
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