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On January 1, 2014, Cayce Corporation acquired 100 percent of Simbel Company for consideration paid of $126,000, which was equal to fair value. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the cost method. Any excess of fair value over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. Following are the 2015 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (LE), respectively Cayce Simbel Corporation $200,000 (93,800) (19,000) Company EE 800,000 (420,000) (74,000) (46,000) (59,000) (7,000) (21,000) 13,750 Dividend income-from Simbel Gain on sale of fixed asset, 10/1/15. _ _ _ . _ . . _ _ _ _ . . . 30,000 EE 231,000 EE 133,000 231,000 (50,000) EE 314,000 EE 146,000 297,000 $ 72,950 $318,000 72,950 (24,000) 366,950 $110,750 98,000 30,000 126,000 398,000 $762,750 $60,800 132,000 120,000 83,000 366,950 $762,750 Inventory Investment in Simbel (cost) 455,000 EE 898,000 E 54,000 140,000 240,000 150,000 314,000 E 898,000 Total liabilities and equities . . _ . . . . . . _ _ _ . . . . . . . . . Additional Information During 2014, the first year of joint operation, Simbel reported income of LE 163,000 earned evenly throughout the year. Simbel declared a dividend of LE 30,000 to Cayce on June 1 of that year. Simbel also declared the 2015 dividend on June 1. .On December 9, 2015, Simbel classified a LE 10,000 expenditure as a rent expense, although this payment related to prepayment of rent for the first few months of 2016 The exchange rates for 1 LE are as follows: January 1, 2014 June 1, 2014 Weighted average rate for 2014 . . . . . . . . . . . . . . . . . . . . December 31, 2014 $0.300 0.290 0.288 0.280 0.275 0.273 0.274 0.270 October 1, 2015 Weighted average rate for 2015 December 31, 2015 Translate Simbel's 2015 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