On January 1, 2019, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $138,600. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbels books. Simbel had no retained earnings at the date of acquisition. The following are the 2020 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (E), respectively.

Cayce Corporation				Simbel Company
Sales	$	224,000			E	869,100
Cost of goods sold		(105,800	)			(456,100	)
Salary expense		(22,000	)			(80,000	)
Rent expense		(8,500	)			(49,000	)
Other expenses		(25,500	)			(63,500	)
Dividend incomefrom Simbel		17,875				0
Gain on sale of building, 10/1/20		0				45,000
Net income	$	80,075			E	265,500
Retained earnings, 1/1/20	$	333,000			E	145,000
Net income		80,075				265,500
Dividends		(39,000	)			(65,000	)
Retained earnings, 12/31/20	$	374,075			E	345,500
Cash and receivables	$	112,300			E	162,500
Inventory		99,500				330,000
Prepaid expenses		30,000				0
Investment in Simbel (initial value)		138,600				0
Property, plant, and equipment (net)		446,000				470,000
Total assets	$	826,400			E	962,500
Accounts payable	$	66,800			E	58,500
Notes payabledue in 2023		157,025				144,500
Common stock		135,000				255,000
Additional paid-in capital		93,500				159,000
Retained earnings, 12/31/20		374,075				345,500
Total liabilities and equities	$	826,400			E	962,500

Additional Information

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 prepayment of rent for the first few months of 2021.

The exchange rates for 1 E are as follows:

January 1, 2019	$	0.300
June 1, 2019		0.290
Weighted average rate for 2019		0.288
December 31, 2019		0.280
June 1, 2020		0.275
October 1, 2020		0.273
Weighted average rate for 2020		0.274
December 31, 2020		0.270

Translate Simbels 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 subsidiarys functional currency.

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 Account Egyptian Pounds Exchange Rate U.S. Dollars 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

Prepare consolidation worksheet