Question: On January I, 2 0 X 3 , before acquiring Coyote, Acme Corporation acquired 1 0 0 % of Simbel Company for consideration transferred with

On January I, 20X3, before acquiring Coyote, Acme Corporation acquired 100% of Simbel Company for consideration transferred with a fair value of $126,000. Acme is a U.S.-based company headquartered in
Fairfield, New Jersey, and Simbel is in Cairo, Egypt. Acme accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to
undervalued land on Simbel's books. Simbel had no retained earnings at the date of acquisition. The following are the 20X4 financial statements for the two operations. Information for Acme and for Simbel is in
U.S. dollars ($) and Egyptian pounds (E ), respectively.
PLEASE ANSWER ALL PARTS; STEP ONE AND STEP TWO ACCORDING TO IMAGES FORMATS.
PART ONE
Must include Egyptian Pounds, the exchange rate and the Translation to US Dollars for each individual account
PART TWO
must include Acme Dollars, Simbel Dollars, Consolidation Entries, and Consolidated Balances for each individual account.
On January I, 2 0 X 3 , before acquiring Coyote,

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