On January 1, 2019, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $135,000. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (EE). respectively Sales Cont of goods sold Salary expense Bent expense Other expense Dividend income from Simbel Gain on sale of building, 10/1/20 Net Income Retained earninge, 1/1/20 Not income Dividende Retained earnings, 12/31/20 Cash and receivables Inventory Prepaid expenses Thvestment in simbol (initial value) Property, plant, and equipeent (net) Total counts payable Hotes payable due in 2023 CMD stock Additional paid-in capital detained ning 12/31/20 Total Liabilities and equities Cayce Corporation $ 217,600 (102,600) (21,200) (8,100) 24,300) 16,775 D $ 78,175 5 329,000 78,175 25,000) $ 372,175 5 111,900 99,100 30,000 135,000 433,200 3809,200 $ 65,200 150, 125 131,000 90,700 372,175 809,200 Simbel Company IE 850,700 (446,500) (78,400) (48,200) (62,300) 0 41.000 BE 256,300 E 141, 100 256,300 (61.000) EE 37.100 TE 158, 100 321,200 0 466,000 945,300 EE 57,300 143,300 251,000 156,600 332, 100 TE 945,300 Additional Information 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 CE 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 0.200 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 Complete this question by entering your answers in the tabs below. Translation Consolidation Worksheet 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.) CAYCE CORPORATION TRANSLATION WORKSHEET Egyptian Exchange us Dallar Account U.S. Dollars CAYCE CORPORATION TRANSLATION WORKSHEET Account Egyptian Exchange Pounds Rato 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 earings, 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