On January 1, 2016, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $147,600. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbels books. Simbel had no retained earnings at the date of acquisition. Following are the 2017 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (E), respectively.

	Cayce Corporation				Simbel Company
Sales	$	240,000			E	915,100
Cost of goods sold		(113,800	)			(480,100	)
Salary expense		(24,000	)			(84,000	)
Rent expense		(9,500	)			(51,000	)
Other expenses		(28,500	)			(66,500	)
Dividend incomefrom Simbel		20,625				0
Gain on sale of building, 10/1/17		0				55,000
Net income	$	84,825			E	288,500
Retained earnings, 1/1/17	$	343,000			E	153,000
Net income		84,825				288,500
Dividends		(49,000	)			(75,000	)
Retained earnings, 12/31/17	$	378,825			E	366,500
Cash and receivables	$	113,300			E	173,500
Inventory		100,500				352,000
Prepaid expenses		30,000				0
Investment in Simbel (initial value)		147,600				0
Property, plant & equipment (net)		478,000				480,000
Total assets	$	869,400			E	1,005,500
Accounts payable	$	70,800			E	61,500
Notes payabledue in 2020		174,275				147,500
Common stock		145,000				265,000
Additional paid-in capital		100,500				165,000
Retained earnings, 12/31/17		378,825				366,500
Total liabilities and equities	$	869,400			E	1,005,500

Additional Information

• During 2016, the first year of joint operation, Simbel reported income of E 188,000 earned evenly throughout the year. Simbel declared a dividend of E 35,000 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 12,500 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 E are as follows:

January 1, 2016	$	0.300
June 1, 2016		0.290
Weighted average rate for 2016		0.288
December 31, 2016		0.280
June 1, 2017		0.275
October 1, 2017		0.273
Weighted average rate for 2017		0.274
December 31, 2017		0.270

Translate Simbels 2017 financial statements into U.S. dollars and prepare a consolidation worksheet for Cayce and its Egyptian subsidiary. Assume that the Egyptian pound is the subsidiarys functional currency.

Complete this question by entering your answers in the tabs below. 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 Rates Dollars CAYCE CORPORATION TRANSLATION WORK SHEET Account Egyptian Pounds Sales Cost of goods sold Salary expense Rent expense (adjusted) Other expenses 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 Total liabilities and equities Translation Worksheet Consolidation Worksheet >