On January 1, 2019. Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $144,900. Cayce is a US-based company headquartered in Buffalo, New York, and Simbells 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 (5) and Egyptian pounds (EE). respectively Simbel Company EE 901,300 (472,900) (82,800) (50,400) (65,600) 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 Retoined 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 Comeon stock Additional paid in capital Retained earnings. 12/11/20 Total Habilities and equities Cayce Corporation $ 235,200 (111,400) (23,400) (9,200) (27,600) 19,800 0 $83,400 $ 340,000 83,400 (45.000 5 377,400 $ 115,000 100,200 30.000 144,900 468,400 $856,500 $ 69,600 169,100 142,000 98,400 372,400 3856,500 52,000 LE 281,600 EE 150,600 261,600 72,000) LE 360,200 EE 170,200 345, 460 0 477,000 EE 992,600 EE 60,600 146,600 262,000 163,200 360,200 EE 992,600 Additional Information . During 2019, the first year of joint operation, Simbel reported income of SE 185,000 earned evenly throughout the year. Simbel declared a dividend of CE 34,400 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 12,200 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 SE 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 0.28 0.250 0.275 0.223 0.274 0.270 Translate Simbel's 2020 financial statements into US dollars and prepare a consolidation worksheet for Cayce and its Egyptian subsidiary. Assume that the Egyptian pound is the subsidiary's functional currency CAYCE CORPORATION Consolidation Worksheet Consolidation Entries Consolidated Balances Account Cayce Dollars Simbel Dollars Debit Credit Dollars 0 0 0 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 Simbol (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 Subtotal Cumulative translation adjustment Total liabilities and equities 0 0