On January 1, 2016. Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $144,900. Cayce is a US-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. Following are the 2017 financial statements for the two operations. Information for Cayce and for Simbel is in US dollars ($) and Egyptian pounds (EE). respectively, + Cayce Corporation $ 235,200 (111,400) (23,400) (9,200) (27.600) 19,800 Simbel Company EE 901,300 (472,900) (82, 800) (se, 400) (65,600) Sales Cost of goods sold Salary expense Rent expense Other expenses Dividend income from Simbel Gain on sale of building, 19/1/17 Net income Retained earnings, 1/1/17 Net Incone Dividends Retained earnings 12/31/17 Cash and receivables Inventory Prepaid expenses Investment in Simbel (initial value) Property, plant & equipment (net) Total assets Accounts payable Notes payable-due in 2020 Con stock Alital paid in capital Retained warnings, 12/31/17 Total liabilities and equities 52,000 EL 281,500 EL 150, Gee 281,600 22.000 EE 360,200 EE 170,200 345,400 e $ 83,400 $ 340,000 3,400 (46), 000) $ 377,400 $ 113,000 100, 200 30,000 144,900 468,400 $856,510 $ 69,00 169,100 142,000 98,400 372.400 156,500 472.000 EE 992,600 FE 6,600 141,600 262,000 16,200 36,200 EL 992,600 Additional Information During 2016, the first year of joint operation, Simbel reported income of CE 185.000 earned evenly throughout the year. Simbel declared a dividend of CE 34,400 to Cayce on June 1 of that year. Simbel also declared the 2017 dividend on June 1 . On December 9, 2017. Simbel classified a E 12.200 expenditure as a rent expense, although this payment related to prepayment of rent for the first few months of 2018 The exchange rates for 1 CE are as follows: January 1, 2016 June 1, 2016 Weighted average rate for 2016 December 31, 2016 June 1, 2017 October 1, 2017 Weighted average rate for 2017 December 31, 2017 $ 8.300 0.290 0.288 0.280 0.275 0.273 0.274 0.270 Translate Simbel's 2017 financial statements into US dollars and prepare a consolidation worksheet for Cayce and its Egyptian subsidiary. Assume that the Egyptian pound is the subsidiary's functional currency Translation Worksheet Consolidation Worksheet Prepare a Translation worksheet. (Round Exchange Rate' answers to 3 decimal places. Round your "Dollars answers to the nearest whole number. Amounts to be deducted and negative amounts should be Indicated with a minus sign) Exchange Rate Dollars CAYCE CORPORATION TRANSLATION WORKSHEET Egyptian Account Pounds Sales Cost of goods sold Salary expense Rent expense (adjusted) 0 Other expenses Gain on sale of fixed asset 10/1/17 Nel income Retained earings, 1/1/17 Net income Dividends 0 0 Retained earnings, 12/31/17 Cash and receivables inventory Prepaid font (adjusted) Property, plant & equipment Total assets Accounts payable 0 Notes payable Gain on sale of fixed asset, 10/1/17 Net income Retained earnings 1/1/17 Net income Dividends Retained earnings, 12/31/17 Cash and receivables Inventory Prepaid rent (adjusted) Property, plant & equipment Total assets Accounts payable Notes payable Common stock Additional paid in capital Retained earnings, 12/31/17 Subtotal 0 0 0 0 0 0 Total liabilities and equities Translation Worksheet Consolidation Worksheet > Translation Worksheet Consolidation Worksheet Prepare a Consolidation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Amounts to be deducted and negal famounts should be indicated with a minus sian.). CAYCE CORPORATION Consolidation Worksheet Adjustments and Eliminations Debit Credit Consolidated Balances Account Cayce Dollars Simbel Dollars Dollars 0 0 0 Sales Cost of goods sold Salary expense Rent expense Other expenses Dividend income Gain on sale of fixed asset, 10/1/17 Not income Retained earnings, 1/1/17 Net income Dividends Retained earnings, 12/31/17 Cash and receivables Inventory Prepaid rent Investment 0 0 0 0 0 0 Rent expense Other expenses Dividend income Gain on sale of fixed asset, 10/1/17 Net income Retained earings, 1/1/17 Net income Dividends Retained earnings, 12/31/17 Cash and receivables Inventory Prepaid rent Investment Property, plant & equipment Total assets Accounts payable Notes payable Common stock Additional paid-in capital Retained earnings, 12/31/17 Subtotal 0 0 0 0 0 0 0 0 0 Total liabilities and equities 0 Translation Worksheet Consolidation Worksheet