On January 1, 2019, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $146,700. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbels books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (E), respectively.

	Cayce Corporation				Simbel Company
Sales	$	238,400			E	910,500
Cost of goods sold		(113,000	)			(477,700	)
Salary expense		(23,800	)			(83,600	)
Rent expense		(9,400	)			(50,800	)
Other expenses		(28,200	)			(66,200	)
Dividend incomefrom Simbel		20,350				0
Gain on sale of building, 10/1/20		0				54,000
Net income	$	84,350			E	286,200
Retained earnings, 1/1/20	$	342,000			E	152,200
Net income		84,350				286,200
Dividends		(48,000	)			(74,000	)
Retained earnings, 12/31/20	$	378,350			E	364,400
Cash and receivables	$	113,200			E	172,400
Inventory		100,400				349,800
Prepaid expenses		30,000				0
Investment in Simbel (initial value)		146,700				0
Property, plant, and equipment (net)		474,800				479,000
Total assets	$	865,100			E	1,001,200
Accounts payable	$	70,400			E	61,200
Notes payabledue in 2023		172,550				147,200
Common stock		144,000				264,000
Additional paid-in capital		99,800				164,400
Retained earnings, 12/31/20		378,350				364,400
Total liabilities and equities	$	865,100			E	1,001,200

Additional Information

• During 2019, the first year of joint operation, Simbel reported income of E 187,000 earned evenly throughout the year. Simbel declared a dividend of E 34,800 to Cayce on June 1 of that year. Simbel also declared the 2020 dividend on June 1.

• On December 9, 2020, Simbel classified a E 12,400 expenditure as a rent expense, although this payment related to prepayment of rent for the first few months of 2021.

• The exchange rates for 1 E are as follows:

January 1, 2019	$	0.300
June 1, 2019		0.290
Weighted average rate for 2019		0.288
December 31, 2019		0.280
June 1, 2020		0.275
October 1, 2020		0.273
Weighted average rate for 2020		0.274
December 31, 2020		0.270

Translate Simbels 2020 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.

Translation Worksheet Consolidation Worksheet Prepare a Translation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Ro nearest whole number. Input all amounts as positive values.) Exchange Rate U.S. Dollars CAYCE CORPORATION TRANSLATION WORKSHEET Account Egyptian Pounds Sales Cost of goods sold Salary expense Rent expense adjusted) Other expenses Gain on sale of building, 10/1/20 Net income Retained earnings, 1/1/20 Net income Dividends Retained earnings, 12/31/20 Cash and receivables Inventory Prepaid expenses (adjusted) Property, plant, and equipment (net) Total assets Accounts payable Notes payable-due in 2023 Common stock Additional paid-in capital Retained earnings, 12/31/20 Subtotal Cumulative translation adjustment Total liabilities and equities CAYCE CORPORATION Consolidation Worksheet Consolidation Entries Consolidated Balances Account Cayce Dollars Simbel Dollars Debit Credit Dollars Sales Cost of goods sold Salary expense Rent expense Other expenses Dividend income from Simbel Gain on sale of building, 10/1/20 Net income Retained earnings, 1/1/20 Net income Dividends Retained earnings, 12/31/20 Cash and receivables Inventory Prepaid expenses Investment in Simbel (initial value) Property, plant, and equipment (net) Total assets Accounts payable Notes payabledue in 2023 Common stock Additional paid-in capital Retained earnings, 12/31/20 Subtotal Cumulative translation adjustment Total liabilities and equities