On January $1,2023,$ Cayce Corporation acquired $100$ percent of Simbel Company for consideration transferred with a fair value of $\backslash$$$142,200.$ Cayce is a U$.$S$.-$based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the $2024$ financial statements for the two operations. Information for Cayce and for Simbel is in U$.$S$.$ dollars $(\backslash$$$)$ and Egyptian pounds $($E$),$ respectively.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|\}$

$\backslash$hline & Cayce Corporation & $\backslash$begin$\{$tabular$\}\{$l$\}$

Simbel $\backslash \backslash$

Company

$\backslash$end$\{$tabular$\}\backslash \backslash$

$\backslash$hline Sales & $\backslash$$ $230,400$ & $$E $887,500\backslash \backslash$

$\backslash$hline Cost of goods sold & $\backslash ((109,000)\backslash )$ & $\backslash ((465,700)\backslash )\backslash \backslash$

$\backslash$hline Salary expense & $\backslash ((22,800)\backslash )$ & $\backslash ((81,600)\backslash )\backslash \backslash$

$\backslash$hline Rent expense & $\backslash ((8,900)\backslash )$ & $\backslash ((49,800)\backslash )\backslash \backslash$

$\backslash$hline Other expenses & $\backslash ((26,700)\backslash )$ & $\backslash ((64,700)\backslash )\backslash \backslash$

$\backslash$hline Dividend income$-$from Simbel & $18,975$ & $0\backslash \backslash$

$\backslash$hline Gain on sale of building, $10/1/24$ & $0$ & $49,000\backslash \backslash$

$\backslash$hline Net income & $\backslash$$ $81,975$ & $$E $274,700\backslash \backslash$

$\backslash$hline Retained earnings, $1/1/24$ & $\backslash$$ $337,000$ & fE $148,200\backslash \backslash$

$\backslash$hline Net income & $81,975$ & $274,700\backslash \backslash$

$\backslash$hline Dividends & $\backslash ((43,000)\backslash )$ & $\backslash ((69,000)\backslash )\backslash \backslash$

$\backslash$hline Retained earnings, $12/31/24$ & $\backslash$$ $375,975$ & $$E $353,900\backslash \backslash$

$\backslash$hline Cash and receivables & $\backslash$$ $112,700$ & $$E $166,900\backslash \backslash$

$\backslash$hline Inventory & $99,900$ & $338,800\backslash \backslash$

$\backslash$hline Prepaid expenses & $30,000$ & $0\backslash \backslash$

$\backslash$hline Investment in Simbel $($initial value$)$ & $142,200$ & $0\backslash \backslash$

$\backslash$hline Property, plant, and equipment $($net$)$ & $458,800$ & $474,000\backslash \backslash$

$\backslash$hline Total assets & $\backslash$$ $843,600$ & $$E $979,700\backslash \backslash$

$\backslash$hline Accounts payable & $\backslash$$ $68,400$ & $$E $59,700\backslash \backslash$

$\backslash$hline Notes payable$-$due in $2027$ & $163,925$ & $145,700\backslash \backslash$

$\backslash$hline Common stock & $139,000$ & $259,000\backslash \backslash$

$\backslash$hline Additional paid$-$in capital & $96,300$ & $161,400\backslash \backslash$

$\backslash$hline Retained earnings, $12/31/24$ & $375,975$ & $353,900\backslash \backslash$

$\backslash$hline Total liabilities and equities & $\backslash$$ $843,600$ & $$E $979,700\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Additional Information

$-$ During $2023,$ the first year of joint operation, Simbel reported income of $$E $182,000$ earned evenly throughout the year. Simbel declared a dividend of $\backslash (\backslash$mathrm$\{$E$\}33,800\backslash )$ 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 $11,900$ 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:

$\backslash$begin$\{$tabular$\}\{$lr$\}$

January $1,2023$ & $\backslash (\backslash$$ $0\mathrm{.}300\backslash )\backslash \backslash$

June $1,2023$ & $0\mathrm{.}290\backslash \backslash$

Weighted average rate for $2023$ & $0\mathrm{.}288\backslash \backslash$

December $31,2023$ & $0\mathrm{.}280\backslash \backslash$

June $1,2024$ & $0\mathrm{.}275\backslash \backslash$

October $1,2024$ & $0\mathrm{.}273\backslash \backslash$

Weighted average rate for $2024$ & $0\mathrm{.}274\backslash \backslash$

December $31,2024$ & $0\mathrm{.}270$

$\backslash$end$\{$tabular$\}$

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

Consolidation

Worksheet

Worksheet

Weighted average rate for $2024$quad$0\mathrm{.}274$

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.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Translation

Consolidation

Worksheet 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.

CAYCE CORPORATION TRANSLATION WORKSHEET Account Egyptian Pounds Exchange Rate

U$.$S$.$ Dollars

Sales $887,5000\mathrm{.}274(243,175$ Cost of goods sold $465,7000\mathrm{.}274(127,602$ Salary expense $81,6000\mathrm{.}274(22,358>$ Rent expense $($adjusted$)37,900>0\mathrm{.}274(10,385>$ Other expenses $64,700>0\mathrm{.}274(17,728>$ Gain on sale of building, $10/1/2449,0000\mathrm{.}273>13,377>$ Net income $286,60078,479$ Retained earnings, $1/1/24148,2000\mathrm{.}00042,614>$ Net income $286,60078,479$ Dividends $69,000>0\mathrm{.}275(18,975>$ Retained earnings, $12/31/24365,800102,118$ Cash and receivables $166,9000\mathrm{.}27045,063>$ Inventory $338,8000\mathrm{.}270>91,476>$ Prepaid expenses $($adjusted$)11,9000\mathrm{.}2703,213$ Property, plant, and equipment $($net$)474,0000\mathrm{.}270127,980$ Total assets $991,600267,732$ Accounts payable $59,700(0\mathrm{.}270(16,119($ Notes payable$-$due in $2027145,7000\mathrm{.}27039,339>$ Common stock $259,0000\mathrm{.}300>77,700>$ Additional paid$-$in capital $161,4000\mathrm{.}30048,420$ Retained earnings,