e On January 1, 2019. Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $127.800. Cayce is a US-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its Investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book values attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbolis in US dollars (5) and Egyptian pounds (CE). respectively Cayce Simbel Corporation Conpony Sales $ 204, see EE 813,900 Cost of goods sold (96.200) (427,300) Salary expense (19.600) (75,200) Rent expense (7.300) (46.600) Other expenses (21,900 (59.900 Dividend income-Fron Sinbel 14,575 Gain on sale of building, 18/1/20 33,00 Net Income $ 74,275 CE 217.900 Retained earnings, 1/1/20 5. 321.00 135,488 Net Income 74,375 217.900 Dividends (27.000) 53.000 Retained earnings, 12/31/20 $368,375 EL 320,380 Cash and receivables $111.300 LE 149,380 Inventory 98,00 323,6ee Prepaid expenses 30.000 Investment in Simbel (initial value) 127.800 Property, plant, and equipment (net) 407.GAO 458.000 Total assets $774, see EE 939,900 Accounts payable 562,00 Notes payable-due in 2023 236,325 148.900 Come stock 123,000 243,000 Additional peld-in capital 85,100 151.800 Retained earnings, 12/31/20 368.275 320.2300 Total allties and equities $774, E 939,900 Additional Information During 2019, the first year of joint operation, Simber reported Income of 166,000 eamed evenly throughout the year. Simbel declared a dividend of CE 30.600 to Cayce on June 1 of that year. Simbol also declared the 2020 olvidond on June 1 . On December 9, 2020. Simbel classified a E 10,300 expenditure as a rent expense, although this payment related to prepayment of rent for the first few months of 2021 The exchange rates for 14E are as follows: SP of rent for the first few months of 2021. The exchange rates for E are as follows: January 1, 2019 June 1, 2019 Weighted average rate for 2019 December 31, 2019 June 1, 2020 October 1, 2020 Weighted average rate for 2020 December 31, 2020 50.300 2.290 @.288 0.250 8.275 8.273 0.274 2.27 Translate Simbel's 2020 financial statements into U.S. dollars and prepare a consolidation worksheet for Cayce and its Egyptian subsidiary. Assume that the Egyptian pound is the subsidiary's functional currency Complete this question by entering your answers in the tabs below. Translation Consolidation Worksheet Worksheet Prepare a Consolidation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Input all amounts as positive values.) CAYCE CORPORATION Consolidation Worksheet Consolidation Entries Consolidated Balances Account Simbel Cayce Debit Credit Dollars Dollars Dollars Sales 118.440 Cost of goods sold Salary expense Rent expense Other expenses Dividend income from Simbel Gain on sale of building 10/1/20 Net income 118,440 Retained earnings, 11/20 Translation Worksheet Consolidation Worksheet Prepare a Consolidation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Input all amounts as positive values.) CAYCE CORPORATION Consolidation Worksheet Consolidation Entries Consolidated Balances Dollars Account Cayce Dollars Simbel Dollars Debit Credit 118,440 0 118.440 Sales Cost of goods sold Salary expense Rent expense Other expenses Dividend income-from Simbel Gain on sale of building, 10/1/20 Net Income Retained earnings 1/1/20 Net income Dividends Retained earnings 12/31/20 Cash and receivables Inventory Prepaid expenses Investment in Simbel (initial value) Property, plant, and equipment (net) Total assets Accounts payable Notes payabledue in 2023 Common stock Additional paid-in capital Retained earnings 12/31/20 Subtotal Cumulative translation adjustment Total liabilities and equities 0 0 0 0 0 0 0 0 0