On January 1, 2019. Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $126,900. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (EE), respectively. Book Cayce Corporation $ 203, 200 (95, 400) (19,400) (7,200) (21,600) 14,300 Print erences Simbel Company E 899, 300 (424,900) (74, 800) (46,400) (59,600) 32,000 E 235,600 E 134,600 235,600 (52,000) E 318,200 E 148,200 301,400 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, 12/31/29 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 $367, $ 73,900 $ 320,000 73,900 (26,000) 990 $ 111,000 98, 200 30,000 126,900 404,400 $ 770,500 $ 61,600 134,600 122,000 84,400 367,900 $ 770,500 457,000 E 906, 600 E 54,600 140, 500 242,000 151,200 318,200 E 906, 600 Additional Information During 2019, the first year of joint operation, Simbel reported income of E 165,000 earned evenly throughout the year. Simbel declared a dividend of E 30.400 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 10,200 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 E are as follows: Book Print 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 0.299 0.2BB 0.280 0.275 0.273 0.274 0.270 erences 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. Round your "Dollars" answers to the nearest whole number. Input all amounts as positive values.) U.S. Dollars CAYCE CORPORATION TRANSLATION WORKSHEET Egyptian Exchange Account 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