Sendelbach Corporation is a U.S.-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 (C$). As of December 31, 2020, the subsidiary is preparing financial statements in anticipation of consolidation with the U.S. parent corporation. Both ledgers for the subsidiary are as follows: Main Operation Canada Debit Credit Accounts payable C$ 55,370 Accumulated depreciation 48,000 buildings and equipment CS 188,000 Cash 47,000 Common stock 71,000 Coat of goods sold 224,000 Depreciation expense 9,000 Dividenda, 4/1/20 40,000 Gain on sale of equipment, 6/1/20 7,100 Inventory 100,000 Notes payable-due in 2023 90,000 Receivables 89,000 Retained earnings, 1/1/20 156,590 Salary expense 44,000 Sales 333,000 Utility expense 11, 100 Branch operation 8,960 Totals C$ 761,060 CS 761,060 Credit Pa 75,600 55,100 Branch Operation-Mexico Debit Accounts payable Accumulated depreciation Building and equipment PH 61,000 Cash 69,500 Depreciation expense 4,100 Inventory beginning-Income statement) 44.000 Inventory (ending-income statement) Inventory (ending-balance sheet) 38,500 Purchase 70,000 Receivables 42,000 Salary expense 11,100 Sales Main office Total P 348,200 38,500 145,000 34.000 Pa 348,200 Additional Information 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 bullding and equipment used in the Mexican operation were acquired in 2010 when the currency exchange rate was C$0.24 = 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$8,960 on December 31, 2020. Currency exchange rates for 1 Ps applicable to the Mexican operation follow. Weighted average, 2019 January 1, 2020 Weighted average rate for 2020 December 31, 2020 C$ 0.29 0.31 0.33 0.34 The December 31, 2019, consolidated balance sheet reported a cumulative translation adjustment with a $57.950 credit (positive) balance The subsidiary's common stock was issued in 2007 when the exchange rate was $0.50 - C$1. The subsidiary's December 31, 2019, retained earnings balance was C$156,590, an amount that has been translated into U.S.$65,863 . The applicable currency exchange rates for 1 C$ for translation purposes are as follows: January 1, 2020 April 1, 2020 June 1, 2020 Weighted average rate for 2020 December 31, 2020 US$ 0.70 0.69 0.68 0.67 0.65 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 US dollars so that Sendelbach can prepare consolidated financial statements. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Req A Req B and C Remeasure the Mexican operation's account balances Into Canadian dollars. (Note: Back into the beginning net monetary asset or liability position.) (Input all amounts as positive values.) Canadian Dollars Dobit Credit Accounts payable Accumulated depreciation Building and equipment Cash Depreciation expense Inventory (beginning-Income statement) Inventory (ending income statement) Inventory (ending balance sheet) Purchases Receivables Salary expense Sales Main office Total 0 Red A Req B and C 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 finandal statements. Ded (Round U.S. Dollar values to 2 decimal places. Amounts to be deducted and losses should be indicated with a minus sign.) Show less bok SENDELBACH CORPORATION Financial Statements For the Year Ended December 31, 2020 Canadian Dollar Income Statement: csi U.S. Dollar cs 0 $ 0.00 cs 0.00 Statement of Retained Earnings: Retained earnings, 11/20 18 Retained earnings, 12/31/20 C$ 0 $ 0.00 Balance Sheet Assets: ngs, 12/31/20 C$ 3 0 0.00 Balance Sheet Assets: cs Total csl 0$ Liabilities and Equities: 0.00 cs Total cs 0$ 0.00