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:

Additional Information

• The Canadian subsidiarys functional currency is the Canadian dollar, and Sendelbachs 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 C$0.23 = 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$8,900 on December 31, 2020.

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

• The December 31, 2019, consolidated balance sheet reported a cumulative translation adjustment with a $58,950 credit (positive) balance.

• The subsidiarys common stock was issued in 2007 when the exchange rate was $0.51 = C$1.

• The subsidiarys December 31, 2019, retained earnings balance was C$157,590, an amount that has been translated into U.S.$65,043.

• The applicable currency exchange rates for 1 C$ for translation purposes are as follows:

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Credit C$ 57,410 49,000 72,000 Main Operation-Canada Debit Accounts payable Accumulated depreciation Buildings and equipment c$ 189,000 Cash 48,000 Common stock Cost of goods sold 225,000 Depreciation expense 9,100 Dividends, 4/1/20 41,000 Gain on sale of equipment, 6/1/20 Inventory 101,000 Notes payable-due in 2023 Receivables 90,000 Retained earnings, 1/1/20 Salary expense 45,000 Sales Utility expense 11,200 Branch operation 8,900 Totals C$ 768,200 7,200 91,000 157,590 334,000 C$ 768,200 Credit P3 77,200 56,200 Branch Operation-Mexico Debit Accounts payable Accumulated depreciation Building and equipment Ps 62,000 Cash 70,000 Depreciation expense 4,200 Inventory beginning-income statement) 45,000 Inventory (ending-income statement) Inventory (ending-balance sheet) 39,000 Purchases 79,000 Receivables 43,000 Salary expense 11,200 Sales Main office Totals P3 353, 400 39,000 146,000 35,000 Ps 353,400 Weighted average, 2019 January 1, 2020 Weighted average rate for 2020 December 31, 2020 C$ 0.28 0.30 0.32 0.33 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 SENDELBACH CORPORATION Financial Statements For the Year Ended December 31, 2020 Canadian Dollar Income Statement: Sales CS U.S. Dollar CS 0 $ 0.00 Salary expense CS 0 $ 0.00 Statement of Retained Earnings: Retained earnings, 1/1/20 CS Retained earnings, 12/31/20 CS 0 s 0.00 Balance Sheet: Assets: CS cs 0 S 0.00 Total Liabilities and Equities: CS Total CS 0 S 0.00