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$). As of December 31, 2020, the subsidiary is preparing financial statements in anticipation of consolidation with the U.S. parent corporation. Both ledgers for the subsidiary are as follows: Main Operation-Canada Debit Credit Accounts payable C$ 33, 390 Accumulated depreciation 38,000 Buildings and equipment C$ 178,000 Cash 37,000 Common stock 61,000 Cost of goods sold 214,000 Depreciation expense 8,000 Dividends, 4/1/20 30,000 Gain on sale of equipment, 6/1/20 6,100 Inventory 90,000 Notes payable due in 2023 80,000 Receivables 79,000 Retained earnings, 1/1/20 146,590 Salary expense 34,000 Sales 323,000 Utility expense 10,100 Branch operation 7,989 Totals $ 6, $ 6, Credit Ps 60,600 36,100 Branch Operation Mexico Debit Accounts payable Accumulated depreciation Building and equipment Ps 51,000 Cash 64,500 Depreciation expense 3,100 Inventory (beginning-income statement) 34,099 Inventory (ending-income statement) Inventory (ending-balance sheet) 33,500 Purchases 68,000 Receivables 32,000 Salary expense 10,100 Sales Main office Totals Ps 296, 200 33,500 135,000 31,000 Ps 296, 200 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 C$0.25 = 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$7,980 on December 31, 2020. Currency exchange rates for 1 Ps applicable to the Mexican operation follow: . . Weighted average, 2019 January 1, 2020 Weighted average rate for 2020 December 31, 2020 C$ 0.30 0.32 0.34 0.35 The December 31, 2019. consolidated balance sheet reported a cumulative translation adjustment with a $47.950 credit (positive) balance. The subsidiary's common stock was issued in 2007 when the exchange rate was $0.40 = C$1. The subsidiary's December 31, 2019, retained earnings balance was $146,590, an amount that has been translated into U.S.$72.963. The applicable currency exchange rates for 1 C$ 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 0.6B 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 U.S. dollars so that Sendelbach can prepare consolidated financial statements. 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 Debit 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 (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 CS US Dollar cs cs Statement of Retained Eamings: Retained camings. 1/1/20 cs! Retained camins. 12/31/20 cs Balance Shoot Assets: cs Total Liabilities and Equities: RSA