On January 1, 2019, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $131,400. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (EE), respectively. Cayce Corporation $ 211,200 (99,400) (20,400) (7,700) (23, 100) 15, 675 0 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 payable-due in 2023 Common stock Additional paid-in capital Retained earnings, 12/31/20 Total liabilities and equities $ 76,275 $ 325,000 76,275 (31,000) $ 370,275 $ 111,500 98,700 30,000 131,400 420,400 $ 792,000 $ 63,600 143, 225 127,000 87,900 370, 275 $ 792,000 Simbel Company EE 832,300 (436,900) (76, 800) (47,400) (61,100) 0 37,000 EE 247,100 EE 138,600 247,100 (57,000) EE 328,700 EE 153,700 312,400 0 0 462,000 EE 928, 100 EE 56,100 142,100 247,000 154,200 328,700 EE 928,100 Additional Information During 2019, 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 2020 dividend on June 1 . On December 9, 2020, 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 2021. The exchange rates for 1 E are as follows: January 1, 2019 June 1, 2019 Weighted average rate for 2019 December 31, 2019 June 1, 2020 October 1, 2020 Weighted average rate for 2020 December 31, 2020 $ 0.300 0.290 0.288 0.280 0.275 0.273 0.274 0.270 Translate Simbel's 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 subsidiary's functional currency. Translation Worksheet Consolidation Worksheet Prepare a Translation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Roun nearest whole number. Input all amounts as positive values.) CAYCE CORPORATION TRANSLATION WORKSHEET Egyptian Exchange Account U.S. Dollars Pounds Rate 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 Translation Worksheet Consolidation Worksheet Prepare a Consolidation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Input all amounts as positive va CAYCE CORPORATION Consolidation Worksheet Consolidation Entries Consolidated Balances Account Cayce Simbel Debit Credit Dollars Dollars 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 On January 1, 2019, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $131,400. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (EE), respectively. Cayce Corporation $ 211,200 (99,400) (20,400) (7,700) (23, 100) 15, 675 0 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 payable-due in 2023 Common stock Additional paid-in capital Retained earnings, 12/31/20 Total liabilities and equities $ 76,275 $ 325,000 76,275 (31,000) $ 370,275 $ 111,500 98,700 30,000 131,400 420,400 $ 792,000 $ 63,600 143, 225 127,000 87,900 370, 275 $ 792,000 Simbel Company EE 832,300 (436,900) (76, 800) (47,400) (61,100) 0 37,000 EE 247,100 EE 138,600 247,100 (57,000) EE 328,700 EE 153,700 312,400 0 0 462,000 EE 928, 100 EE 56,100 142,100 247,000 154,200 328,700 EE 928,100 Additional Information During 2019, 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 2020 dividend on June 1 . On December 9, 2020, 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 2021. The exchange rates for 1 E are as follows: January 1, 2019 June 1, 2019 Weighted average rate for 2019 December 31, 2019 June 1, 2020 October 1, 2020 Weighted average rate for 2020 December 31, 2020 $ 0.300 0.290 0.288 0.280 0.275 0.273 0.274 0.270 Translate Simbel's 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 subsidiary's functional currency. Translation Worksheet Consolidation Worksheet Prepare a Translation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Roun nearest whole number. Input all amounts as positive values.) CAYCE CORPORATION TRANSLATION WORKSHEET Egyptian Exchange Account U.S. Dollars Pounds Rate 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 Translation Worksheet Consolidation Worksheet Prepare a Consolidation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Input all amounts as positive va CAYCE CORPORATION Consolidation Worksheet Consolidation Entries Consolidated Balances Account Cayce Simbel Debit Credit Dollars Dollars 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