Pop Corporation acquired an 80 percent interest in Son Corporation for $240,000 on January 1, 2016, when Son's stockholders' equity consisted of $200,000 capital stock and $25,000 retained earnings. The excess fair value over book value acquired was assigned to plant assets that were undervalued by $50,000 and to goodwill. The undervalued plant assets had a four-year useful life.
Additional Information
1. Pop's account receivable includes $5,000 owed by Son.
2. Son mailed its check for $20,000 to Pop on December 30, 2017, in settlement of the advance.
3. A $10,000 dividend was declared by Son on December 30, 2017, but was not recorded by Pop.
4. Financial statements for Pop and Son Corporations for 2017 follow (in thousands):

Required:
Prepare consolidation work-papers for Pop Corporation and Subsidiary for 2017?

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Pop Son Statements of Income and Retained Earnings for the Year Ended December 31 Income from Son Cost of sales Operating expenses $900 38 (600) (190) (150) (90) Net Income Add: Retained earnings January 1 Less: Dividends 122 (100) S 170 50 (20) $ 90 Retained earnings December 31 Balance Sheet at December 31 Cash Accounts receivable-net Inventories Advance to Son Other current assets $ 15 20 60 $ 6 26 82 20 80 160 340 280 994 S 24 30 230 Plant assets-net Investment in Son Total assets Accounts payable Dividends payable Other liabilities Capital stock Retained earnings 100 700 170 $994 $360 $ 15 10 45 200 90 $360 Total liabilities and stockholders' equity