On January 1, 2016. Cayce Corporstion acquired 100 percent of Simbel Company for consideration transferred with a fair value of $129.500. 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 Simbe booke Simbel had no retained earnings at the diste of scoutsition. Following are the 2017 financial statements for the two operations. Information for Cayce and for Simbel in U.S. dollars Si and Egyptian pounds fa respectively. Cayce Simbel Corporation Sales Company $ 280, EE 823,180 Cost of goods sold (97.600) (432.100) Salary experts (20.00) (75,000) Rent experise 7.500) other expenses (22,500) (62,580) Dividend Incofro Simbel 15,125 Gain on sale of building, 18/1/17 35,000 Net income $ 75,325 EE 242, Sac Retained earnings, 1/1/13 $ 323.00 EE 137.00 Not Income 75,325 242,582 Dividends (29.00) (55.000) Retained earnings, 12/31/17 $ 39,325 EE 324,5 Cash and receivables $ 111, EE 151,5 Inventory 98.500 320,000 Prepaid expenses 38,800 Investment in Sibel (Initial value) 129,6 Property, plant & equipment (net) 414,800 462,00 Total assets $ 783,400 EE 919.5a Accounts payable 55,500 Notes payable due in 2020 139,775 141, Sae Common stock 125.00 245,60 Additional paid in capital 85,500 153,690 Retained earnings, 12/31/17 3,325 324,500 Total liabilities and equities 783,40 Et 989.5 EE Additional Information . During 2016, the first year of joint operation, Simbel reported Income of CE 168,000 earned evenly throughout the year. Simbel declared a dividend of CE 31,000 to Cayce on June 1 of that year. Simbel sles decised the 2017 divided on June. On December 9, 2017, Simbel classified as 10.500 expenditure as a rent expense, although this payment related to prepayment of rent for the first few months of 2018 The exchange rates for 16 are as follows: January 1, 2015 June 1, 2015 weighted average rate for 2016 December 31, 2015 June 1, 2017 October 1, 2017 weighted average rate for 2017 December 31, 2017 $8.380 2.23 2.28 2.25 2.225 Translate Simbel 2017 financial statements into U.S. dollars and prepare a consolidation worksheet for Cayce and its Egyptian subalalary. Assume that the Egyptian pound is the subsidiary's functional currency