Please help me to prepare this two requirement (translation ans consolidation worksheet) and please follow the question and answer. Thanks!
On January 1, 2019. Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $138,600. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (EE). respectively. Sales 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) Total assets Cayce Corporation $ 224,000 (105,800) (22,000) (8,500) (25,500) 17,875 0 $ 80,075 $ 333,000 80,075 (39,000) $ 374,075 $ 112,300 99,500 30,000 138,600 446,000 $ 826,400 Simbel Company EE 869,100 (456,100) (80,000) (49,000) (63,500) 0 45,000 LE 265,500 EE 145,000 265,500 (65.000) EE 345,500 EE 162,500 330,000 0 0 470,000 EE 962,500 FAR Cayce Corporation $ 224,000 (105,800) (22,000) (8,500) (25,500) 17,875 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 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 $ 80,075 $ 333,000 80,075 (39,000) $ 374,075 $ 112, 300 99,500 30,000 138,600 446,000 $ 826,400 $ 66,800 157,025 135,000 93,500 374,075 $ 826,400 Simbel Company EE 869,100 (456,100) (80,000) (49,000) (63,500) 0 45,000 E 265,500 E 145,000 265,500 (65,000) EE 345,500 EE 162,500 330,000 0 0 470,000 EE 962,500 EE 58,500 144,500 255,000 159,000 345,500 E 962,500 During 2019, the first year of joint operation, Simbel reported income of E 178,000 earned evenly throughout the year. Simbel declared a dividend of E 33,000 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 11,500 expenditure as a rent expense, although this payment related to prepaymer 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, 2020 Weighted average rate for 2020 December 31, 2020 $ 0.300 0.290 0.288 0.280 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 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.) Exchange U.S. Dollars Rate ces CAYCE CORPORATION TRANSLATION WORKSHEET Egyptian Account Pounds 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 4 | | | | | | 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 + Translation Worksheet Consolidation Worksheet > answers in the tabs below. Translation Worksheet Consolidation Worksheet 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 Simbol Dollars Debit Credit Dollars 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 Gain on sale of Dulling, 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) Total assets Accounts payable Notes payable due in 2023 Common stock Additional paid-in capital Retained earings, 12/31/20 Subtotal Cumulative translation adjustment Total liabilities and equities
