On January 1, 2016, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $131,400. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbels books. Simbel had no retained earnings at the date of acquisition. Following are the 2017 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (E), respectively.

	Cayce Corporation				Simbel Company
Sales	$	211,200			E	832,300
Cost of goods sold		(99,400	)			(436,900	)
Salary expense		(20,400	)			(76,800	)
Rent expense		(7,700	)			(47,400	)
Other expenses		(23,100	)			(61,100	)
Dividend incomefrom Simbel		15,675				0
Gain on sale of building, 10/1/17		0				37,000
Net income	$	76,275			E	247,100
Retained earnings, 1/1/17	$	325,000			E	138,600
Net income		76,275				247,100
Dividends		(31,000	)			(57,000	)
Retained earnings, 12/31/17	$	370,275			E	328,700
Cash and receivables	$	111,500			E	153,700
Inventory		98,700				312,400
Prepaid expenses		30,000				0
Investment in Simbel (initial value)		131,400				0
Property, plant & equipment (net)		420,400				462,000
Total assets	$	792,000			E	928,100
Accounts payable	$	63,600			E	56,100
Notes payabledue in 2020		143,225				142,100
Common stock		127,000				247,000
Additional paid-in capital		87,900				154,200
Retained earnings, 12/31/17		370,275				328,700
Total liabilities and equities	$	792,000			E	928,100

Additional Information

• During 2016, the first year of joint operation, Simbel reported income of E 170,000 earned evenly throughout the year. Simbel declared a dividend of E 31,400 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 10,700 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, 2017		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.