On January 1, 2016, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $127,800. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbels books. Simbel had no retained earnings at the date of acquisition. Following are the 2017 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (E), respectively.

	Cayce Corporation				Simbel Company
Sales	$	204,800			E	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 incomefrom Simbel		14,575				0
Gain on sale of building, 10/1/17		0				33,000
Net income	$	74,375			E	237,900
Retained earnings, 1/1/17	$	321,000			E	135,400
Net income		74,375				237,900
Dividends		(27,000	)			(53,000	)
Retained earnings, 12/31/17	$	368,375			E	320,300
Cash and receivables	$	111,100			E	149,300
Inventory		98,300				303,600
Prepaid expenses		30,000				0
Investment in Simbel (initial value)		127,800				0
Property, plant & equipment (net)		407,600				458,000
Total assets	$	774,800			E	910,900
Accounts payable	$	62,000			E	54,900
Notes payabledue in 2020		136,325				140,900
Common stock		123,000				243,000
Additional paid-in capital		85,100				151,800
Retained earnings, 12/31/17		368,375				320,300
Total liabilities and equities	$	774,800			E	910,900

Additional Information

• During 2016, the first year of joint operation, Simbel reported income of E 166,000 earned evenly throughout the year. Simbel declared a dividend of E 30,600 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 10,300 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.)

CAYCE CORPORATION
TRANSLATION WORKSHEET
Account	Egyptian Pounds	Exchange Rate	Dollars
Sales
Cost of goods sold
Salary expense
Rent expense (adjusted)
Other expenses
Gain on sale of fixed asset, 10/1/17
Net income	0		0
Retained earnings, 1/1/17
Net income
Dividends
Retained earnings, 12/31/17	0		0
Cash and receivables
Inventory
Prepaid rent (adjusted)
Property, plant & equipment
Total assets	0		0
Accounts payable
Notes payable
Common stock
Additional paid-in capital
Retained earnings, 12/31/17
Subtotal	0		0
Total liabilities and equities	0		0