Pop Company paid $88,000 for an 80% interest in Son Company on January 5, 2016, when Son's capital stock was $60,000 and its retained earnings $40,000. Trial balances for the companies at December 31, 2016, are as follows (in thousands):

The only entries that Pop Company made in regard to the investment in Son Company are as follows:
January 5, 2016
Investment in Son (+A) ............................. 88,000
Cash (-A) .................................................................. 88,000
November 15, 2016
Cash (+A) .............................................. 8,000
Dividend income (R, +SE) ............................................... 8,000
Assets and liabilities of Son are stated at their fair values.
Required:
1. Prepare a balance sheet for Pop Company at December 31, 2016.
2. Prepare a consolidated income statement for Pop Company and Subsidiary for 2016.
3. Prepare a consolidated balance sheet for Pop Company and Subsidiary at December 31, 2016?

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Pop $ 2.5 15 120 Son $ 15 100 Accounts receivable Other assets Investment in Son Cost of goods sold Operating expenses Dividends $320.5 $ 80 100 10 10 $220 $ 30 Liabilities Capital Stock Paid-in excess Retained earnings 100 Dividend income $3203 $220