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, 2015, the subsidiary is preparing financial statements in anticipation of consolidation with the U.S. parent corporation. Both ledgers for the subsidiary are as follows:
• 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 2005 when the currency exchange rate was C$0.25 5 Ps 1.
• Purchases should be assumed as having been made evenly throughout the fiscal year.
• Beginning inventory was acquired evenly throughout 2014; ending inventory was acquired evenly throughout 2015.
• The Main Office account on the Mexican records should be considered an equity account. This balance was remeasured into C$7,530 on December 31, 2015.
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