On January 1, 2019, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a falr value of $146,700. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its Investment in Simbel under the Initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is In U.S. dollars ($) and Egyptian pounds (E), respectively. Cayce Corporation $ 238,400 (113, eee) (23,800) (9,400) (28,200) 20, 350 Sales Cost of goods sold Salary expense Rent expense Other expenses Dividend income-from Simbel Gain on sale of building, 10/1/29 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 Simbel Company EE 910,500 (477,700) (83,600) (50,890) (66, 200) B 54, see EE 286, 200 EE 152,200 286, 200 (74,000) E 364,400 E 172,400 349,800 $ 84,350 $ 342,000 84,350 (48,000) $ 378, 350 $ 113,200 100,400 30,000 146,700 474,800 $ 865, 100 $ 70, 4ee 172,550 144,000 99,800 378, 35e $ 865, 100 479, eee 11,801, 200 EE 61,200 147,200 264,000 164,400 364,400 11,891,200 Additional Information June 1. 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 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 June 1, 2019 Weighted average rate for 2019 December 31, 2019 June 1, 2020 October 1, 2028 Weighted average rate for 2020 December 31, 2020 $ 2.3ee 0.29 8.288 0.280 8.275 0.273 0.274 0.270 Translation Worksheet Consolidation Worksheet Prepare a Translation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Round your nearest whole number. Input all amounts as positive values.) CAYCE CORPORATION TRANSLATION WORKSHEET Account Egyptian Pounds Exchange U.S. Dollars 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 0 0 Prepare a Consolidation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Input all amounts as positive values CAYCE CORPORATION Consolidation Worksheet Consolidation Entries Consolidated Balances Account Cayce Dollars Simbel Dollars Debit Credit Dollars Sales 0 0 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) 0 Total assets 0 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 0 0 0 0 0 0 0 On January 1, 2019, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a falr value of $146,700. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its Investment in Simbel under the Initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is In U.S. dollars ($) and Egyptian pounds (E), respectively. Cayce Corporation $ 238,400 (113, eee) (23,800) (9,400) (28,200) 20, 350 Sales Cost of goods sold Salary expense Rent expense Other expenses Dividend income-from Simbel Gain on sale of building, 10/1/29 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 Simbel Company EE 910,500 (477,700) (83,600) (50,890) (66, 200) B 54, see EE 286, 200 EE 152,200 286, 200 (74,000) E 364,400 E 172,400 349,800 $ 84,350 $ 342,000 84,350 (48,000) $ 378, 350 $ 113,200 100,400 30,000 146,700 474,800 $ 865, 100 $ 70, 4ee 172,550 144,000 99,800 378, 35e $ 865, 100 479, eee 11,801, 200 EE 61,200 147,200 264,000 164,400 364,400 11,891,200 Additional Information June 1. 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 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 June 1, 2019 Weighted average rate for 2019 December 31, 2019 June 1, 2020 October 1, 2028 Weighted average rate for 2020 December 31, 2020 $ 2.3ee 0.29 8.288 0.280 8.275 0.273 0.274 0.270 Translation Worksheet Consolidation Worksheet Prepare a Translation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Round your nearest whole number. Input all amounts as positive values.) CAYCE CORPORATION TRANSLATION WORKSHEET Account Egyptian Pounds Exchange U.S. Dollars 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 0 0 Prepare a Consolidation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Input all amounts as positive values CAYCE CORPORATION Consolidation Worksheet Consolidation Entries Consolidated Balances Account Cayce Dollars Simbel Dollars Debit Credit Dollars Sales 0 0 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) 0 Total assets 0 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 0 0 0 0 0 0 0