On January $1,2023,$ Cayce Corporation acquired $100$ percent of Simbel Company for consideration transferred with a fair value of $$130,500.$ Cayce is a U$.$S$.-$based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel$$s books. Simbel had no retained earnings at the date of acquisition. The following are the $2024$ financial statements for the two operations. Information for Cayce and for Simbel is in U$.$S$.$ dollars $($$$)$ and Egyptian pounds $($E$),$ respectively.

Cayce Corporation Simbel Company

Sales $ $209,600$E $827,700$

Cost of goods sold $(98,600)(434,500)$

Salary expense $(20,200)(76,400)$

Rent expense $(7,600)(47,200)$

Other expenses $(22,800)(60,800)$

Dividend income$$from Simbel $15,4000$

Gain on sale of building, $10/1/24036,000$

Net income $ $75,800$E $244,800$

Retained earnings, $1/1/24$ $ $324,000$E $137,800$

Net income $75,800244,800$

Dividends $(30,000)(56,000)$

Retained earnings, $12/31/24$ $ $369,800$E $326,600$

Cash and receivables $ $111,400$E $152,600$

Inventory $98,600310,200$

Prepaid expenses $30,0000$

Investment in Simbel $($initial value$)130,5000$

Property, plant, and equipment $($net$)417,200461,000$

Total assets $ $787,700$E $923,800$

Accounts payable $ $63,200$E $55,800$

Notes payable$$due in $2027141,500141,800$

Common stock $126,000246,000$

Additional paid$-$in capital $87,200153,600$

Retained earnings, $12/31/24369,800326,600$

Total liabilities and equities $ $787,700$E $923,800$

Additional Information

During $2023,$ the first year of joint operation, Simbel reported income of $$E $169,000$ earned evenly throughout the year. Simbel declared a dividend of $$E $31,200$ to Cayce on June $1$ of that year. Simbel also declared the $2024$ dividend on June $1.$

On December $9,2024,$ Simbel classified a $$E $10,600$ expenditure as a rent expense, although this payment related to prepayment of rent for the first few months of $2025.$

The exchange rates for $1$E are as follows:

January $1,2023$ $ $0\mathrm{.}300$

June $1,20230\mathrm{.}290$

Weighted average rate for $20230\mathrm{.}288$

December $31,20230\mathrm{.}280$

June $1,20240\mathrm{.}275$

October $1,20240\mathrm{.}273$

Weighted average rate for $20240\mathrm{.}274$

December $31,20240\mathrm{.}270$

Required:

Translate Simbel$$s $2024$ financial statements into U$.$S$.$ dollars and prepare a consolidation worksheet for Cayce and its Egyptian subsidiary. Assume that the Egyptian pound is the subsidiary$$s functional currency.