Additional Information

During $2023,$ the first year of joint operation, Simbel reported income of $$E $186,000$ earned evenly throughout the year. Simbel declared a dividend of $$E $34,600$ to Cayce on June $1$ of that year. Simbel also declared the $2024$ dividend on June $1.$

On December $9,2024,$ Simbel classified a $$E $12,300$ expenditure as a rent expense, although this payment related to prepayment of rent for the first few months of $2025.$

The exchange rates for $1$E are as follows:

$\backslash$table$[[$January $1,2023,0\mathrm{.}300],[$June $1,2023,0\mathrm{.}290],[$Weighted average rate for $2023,0\mathrm{.}288],[$December $31,2023,0\mathrm{.}280],[$June $1,2024,0\mathrm{.}275],[$October $1,2024,0\mathrm{.}273],[$Weighted average rate for $2024,0\mathrm{.}274],[$December $31,2024,0\mathrm{.}270]]$

Required:

Translate Simbel's $2024$ 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.

Note: Round "Exchange Rate" answers to $3$ decimal places. Round your "Dollars" answers to the nearest whole number. Input all amounts as positive values.Prepare a Translation worksheet.

Note: Round "Exchange Rate" answers to $3$ decimal places. Round your "Dollars" answers to the nearest. whole number. Input all amounts as positive values.

$\backslash$table$[[$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, $10/1/24,,,],[,0,,0],[$Retained earnings, $1/1/24,,,],[$Dividends$,,,],[,,,],[$Retained earnings, $12/31/24,0,,0],[$Cash and receivables,,,$],[,,,],[$Prepaid expenses $($adjusted$),,,],[$Property$,$ plant, and equipment $($net$),,,],[,0,,0],[$Accounts payable,,,$],[$Common stock,,,$],[$Additional paid$-$in capital,,,$],[$Retained earnings, $12/31/24,,,],[$Subtotal$,,,],[,0,,0],[$Cumulative translation adjustment,,,$],[,0,,0],[,,,]]$