On January 1, 2019, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $135,000. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbels books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (E), respectively.

	Cayce Corporation				Simbel Company
Sales	$	217,600			E	850,700
Cost of goods sold		(102,600	)			(446,500	)
Salary expense		(21,200	)			(78,400	)
Rent expense		(8,100	)			(48,200	)
Other expenses		(24,300	)			(62,300	)
Dividend incomefrom Simbel		16,775				0
Gain on sale of building, 10/1/20		0				41,000
Net income	$	78,175			E	256,300
Retained earnings, 1/1/20	$	329,000			E	141,800
Net income		78,175				256,300
Dividends		(35,000	)			(61,000	)
Retained earnings, 12/31/20	$	372,175			E	337,100
Cash and receivables	$	111,900			E	158,100
Inventory		99,100				321,200
Prepaid expenses		30,000				0
Investment in Simbel (initial value)		135,000				0
Property, plant, and equipment (net)		433,200				466,000
Total assets	$	809,200			E	945,300
Accounts payable	$	65,200			E	57,300
Notes payabledue in 2023		150,125				143,300
Common stock		131,000				251,000
Additional paid-in capital		90,700				156,600
Retained earnings, 12/31/20		372,175				337,100
Total liabilities and equities	$	809,200			E	945,300

Additional Information

• During 2019, the first year of joint operation, Simbel reported income of E 174,000 earned evenly throughout the year. Simbel declared a dividend of E 32,200 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 11,100 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

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Prepare a Translation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Round your "Dollars" answers to the nearest whole number. Input all amounts as positive values.) CAYCE CORPORATION TRANSLATION WORKSHEET Account Egyptian Exchange Pounds Rate U.S. Dollars Sales Cost of goods sold Salary expense Rent expense (adjusted) Other expenses Gain on sale of building, 10/1/20 Net income 0 0 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 0 Cumulative translation adjustment Total liabilities and equities 0 0 Prepare a Consolidation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Input all amounts as positive values.) CAYCE CORPORATION Consolidation Worksheet Consolidated Consolidation Entries Balances Account Cayce Simbel Debit Credit Dollars Dollars Dollars Sales Cost of goods sold Salary expense Rent expense Other expenses Dividend incomefrom Simbel Gain on sale of building, 10/1/20 Net income 0 Retained earnings, 1/1/20 Net income Dividends Retained earnings, 12/31/20 0 0 Cash and receivables Inventory Prepaid expenses Investment in Simbel (initial value) Property, plant, and equipment (net) Total assets 0 0 Accounts payable Notes payabledue in 2023 Common stock Additional paid-in capital Retained earnings, 12/31/20 Subtotal 0 0 Cumulative translation adjustment Total liabilities and equities 0 0 0 0 0 0 Prepare a Translation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Round your "Dollars" answers to the nearest whole number. Input all amounts as positive values.) CAYCE CORPORATION TRANSLATION WORKSHEET Account Egyptian Exchange Pounds Rate U.S. Dollars Sales Cost of goods sold Salary expense Rent expense (adjusted) Other expenses Gain on sale of building, 10/1/20 Net income 0 0 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 0 Cumulative translation adjustment Total liabilities and equities 0 0 Prepare a Consolidation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Input all amounts as positive values.) CAYCE CORPORATION Consolidation Worksheet Consolidated Consolidation Entries Balances Account Cayce Simbel Debit Credit Dollars Dollars Dollars Sales Cost of goods sold Salary expense Rent expense Other expenses Dividend incomefrom Simbel Gain on sale of building, 10/1/20 Net income 0 Retained earnings, 1/1/20 Net income Dividends Retained earnings, 12/31/20 0 0 Cash and receivables Inventory Prepaid expenses Investment in Simbel (initial value) Property, plant, and equipment (net) Total assets 0 0 Accounts payable Notes payabledue in 2023 Common stock Additional paid-in capital Retained earnings, 12/31/20 Subtotal 0 0 Cumulative translation adjustment Total liabilities and equities 0 0 0 0 0 0