Sendelbach Corporation is a US-based organization with operations throughout the world. One of its subsidiaries is headquartered in Toronto. Although this wholly owned company 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 (C5). As of December 31, 2020, the subsidiary is preparing financial statements in anticipation of consolidation with the US parent corporation. Both ledgers for the subsidiary are as follows: Cedit CS 12.000 31,000 54.000 Main Operation-Canada Debit Accounts payable Accumulated depreciation muildings and equipment C6 171,000 Cao 30,000 Common stock Coat of goods sold 207,000 Depreciation expen 7.300 Dividende, 4/1/20 23.000 Coin on sale of equipment, 6/1/20 Inventory 3.000 Holes payable dan in 2023 Receivable 72,000 Metained earning 1/1/20 Salary opened 27,000 salos ULILLY expense 9,400 Branch operation 7,090 Total CB 636,790 5,400 73.000 239,590 316,000 CS 636,790 Credit PS 48,400 19,400 Branch Operation-Hexico Dobit Accounts payable Accumulated depreciation Building and equipment Ps 40,000 Cash 61.000 Depreciation expense 2.400 Inventory (beginning-Income statement) 27,000 Inventory (ending-income statement) Inventory (ending-balance sheet) 30,000 Purchases 61,000 Receivables 25,000 Salary expense 9.400 Sales Main office Totals Ps 259,800 30,000 128,000 34,000 Pa 259,800 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 2010 when the currency exchange rate was $0.21 = Ps 1 Purchases of inventory were made evenly throughout the fiscal year. Beginning inventory was acquired evenly throughout 2019, ending inventory was acquired evenly throughout 2020, The Main Office account on the Mexican records should be considered an equity account. This balance was remeasured into C$7,090 on December 31, 2020 Currency exchange rates for 1 Ps applicable to the Mexican operation follow . Weighted average, 2019 January 1, 2020 Weighted average rate for 2020 December 31, 2020 C$ 0.26 0.28 0.30 0.31 The December 31, 2019, consolidated balance sheet reported a cumulative translation adjustment with a $40,950 credit (positive) balance The subsidiary's common stock was issued in 2007 when the exchange rate was $0.49 = C$1. The subsidiary's December 31, 2019, retained earnings balance was c$139,590, an amount that has been translated into US $68,103 The applicable currency exchange rates for 1 CS for translation purposos are as follows: January 1, 2020 Aprill 2020 June 1, 2020 Weighted average rate for 2020 December 31, 2020 U 0.70 0.69 0.6 0.62 0.65 a. Remeasure the Mexican operation's account balances into Canadian dollars. (Note: Back into the beginning net monetary asset on liability position) b. Prepare financial statements (income statement, statement of retained earnings, and balance sheet) for the Conadion subsidiary in its functional currency, Canadian dollars. c. Translate the Canadian dollar functional currency financial statements into US dollars so that Sendelbach can prepare consolidated financial statements Complete this question by entering your answers in the tabs below. Reg A Reg Band Remeasure the Mexican operation's account balances into Canadian dollars. (Note: Back into the beginning niet monetary asset or liability position) (Input all amounts as positive values.) Canadian Dollars Dibit Credit Accounts payable Accumulated depreciation Building and equipment Cash Depreciation expense Inventory beginning income statement) Inventory (ending Income statement) Inventory (endino--balance sheet) Purchases Reolvables Salary expense Sales Main office Total Reg B and C> Reg A Req Band b. Prepare financial statements (income statement, statement of retained earnings, and balance sheet) for the Canadian subsidiary in its functional currency, Canadian dollars. C. Translate the Canadian dollar functional currency financial statements into U.S. dollars so that Sendelbach can prepare consolidated financial statements. (Round U.S. Dollar values to 2 decimal places. Amounts to be deducted and losses should be indicated with a minus sign.). Show less SENDELBACH CORPORATION Financial Statements For the Year Ended December 31, 2020 Canadian Dollar Income Statement C$ U.S. Dollar cs CS Statement of Retained Earnings Retained earnings, 1/1/20 cs 3 Statement of Retained Earnings: Retained earnings, 1/1/20 cs Retained earnings, 12/31/20 C$ Balance Sheet: Assets: cs Total cs Liabilities and Equities: cs Total C$