Sendelbach Corporation is a U$.$S$.-$based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto, Canada. Although this wholly$-$owned subsidiary operates primarily in Canada, it engages in some transactions through a branch in Mexico. Therefore, the subsidiary maintains a ledger denominated in Mexican pesos $($Ps$)$ and a general ledger in Canadian dollars $($C$\backslash$$$).$ As of December $31,2024,$ the subsidiary is preparing financial statements in anticipation of consolidation with the U$.$S$.$ parent corporation. Both ledgers for the subsidiary are as follows:

Additional Information

$-$ The Canadian subsidiary's functional currency is the Canadian dollar, and Sendelbach's reporting currency is the U$.$S$.$ dollar. The Canadian and Mexican operations are not viewed as separate accounting entities.

$-$ The building and equipment used in the Mexican operation were acquired in $2014$ when the currency exchange rate was $\backslash ($ C $\backslash$$ $0\mathrm{.}22=\backslash )$ Ps $1.$

$-$ Purchases of inventory were made evenly throughout the fiscal year.

$-$ Beginning inventory was acquired evenly throughout $2023$; ending inventory was acquired evenly throughout $2024.$

$-$ The Main Office account on the Mexican records should be considered an equity account. This balance was remeasured into C $\backslash (\backslash$$ $7,195\backslash )$ on December $31,2024.$

$-$ Currency exchange rates for $1$ Ps applicable to the Mexican operation follow:

Weighted average rate for $2023$

C$\backslash$$ $0\mathrm{.}27$

January $1,2024$

$0\mathrm{.}29$

Weinhted averane rate for $2034$

a$.31$

$-$ The December $31,2023,$ consolidated balance sheet reported a cumulative translation adjustment with a $\backslash (\backslash$$ $39,950\backslash )$ credit $($positive$)$ balance.

$-$ The subsidiary's common stock was issued in $2011$ when the exchange rate was $\backslash (\backslash$$ $0\mathrm{.}48=\backslash$mathrm$\{$C$\}\backslash$$ $1\backslash ).$

$-$ The subsidiary's December $31,2023,$ retained earnings balance was C$\backslash$$$138,590,$ an amount that has been translated into US$\backslash$$$68,723.$

$-$ The applicable currency exchange rates for $1$ C$\backslash$$ for translation purposes are as follows:

Required:

a$.$ Remeasure the Mexican operation's account balances into Canadian dollars. $($Note: Back into the beginning net monetary asset or liability position.$)$

b$.$ Prepare financial statements $($income statement, statement of retained earnings, and balance sheet$)$ for the Canadian subsidiary in its functional currency, Canadian dollars.

c$.$ Translate the Canadian dollar functional currency financial statements into U$.$S$.$ dollars so that Sendelbach can prepare consolidated financial statements.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Remeasure the Mexican operation's account balances into Canadian dollars. $($Note: Back into the beginning net monetary or liability position.$)$

Note: Input all amounts as positive values. $-$ The December $31,2023,$ consolidated balance sheet reported a cumulative translation adjustment with a $\backslash (\backslash$$ $39,950\backslash )$ credit $($positive$)$ balance.

$-$ The subsidiary's common stock was issued in $2011$ when the exchange rate was $\backslash (\backslash$$ $0\mathrm{.}48=$C $\backslash$$ $1\backslash ).$

$-$ The subsidiary's December $31,2023,$ retained earnings balance was C$\backslash$$$138,590,$ an amount that has been translated into US$\backslash$$$68,723.$

$-$ The applicable currency exchange rates for $\backslash (1\backslash$mathrm$\{$C$\}\backslash$$ $\backslash )$ for translation purposes are as follows:

Required:

a$.$ Remeasure the Mexican operation's account balances into Canadian dollars. $($Note: Back into the beginning net monetary asset or liability position.$)$

b$.$ Prepare financial statements $($income statement, statement of retained earnings, and balance sheet$)$ for the Canadian subsidiary in its functional currency, Canadian dollars.

c$.$ Translate the Canadian dollar functional currency financial statements into U$.$S$.$ dollars so that Sendelbach can prepare consolidated financial statements.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Req $\backslash ($ A $\backslash )$

Req $\backslash ($ B $\backslash )$ and $\backslash ($ C $\backslash )$

Remeasure the Mexican operation's account balances into Canadian dollars. $($Note: Back into the beginning net monetary : or liability position.$)$

Note: Input all amounts as positive values. Req A

Req $\backslash ($ B $\backslash )$ and $\backslash ($ C $\backslash )$

b$.$ Prepare financial statements $($income statement, statement of retained earnings, and balance sheet$)$ for the Canadian subsidiary in its functional currency, Canadian dollars.

c$.$ Translate the Canadian dollar functional currency financial statements into U$.$S$.$ dollars so that Sendelbach can prepare consolidated financial statements.

Note: Round U$.$S$.$ Dollar values to $2$ decimal places. Amounts to be deducted and losses should be indicated with a minus sign.