1) Plastik Corporation acquired 80% of Seldane Corporation's common stock on January 1, 2009 for $210,000 cash. The stockholders' equity of Seldane at this time consisted of $150,000 of capital stock and $50,000 of retained earnings. The difference between the price paid by Plastik and the underlying equity acquired in Seldane was due to a $12,500 undervaluation of Seldane's inventory, a $25,000 undervaluation of Seldane's equipment, and goodwill. Additional Information: 1) The undervalued inventory items were sold by Seldane during 20009 and the undervalued equipment had a remaining useful life of five years. Straight line depreciation is used. 2) Seldane owed Plastik $4,000 on accounts payable at December 31, 2009 3) The separate financial statements of Plastik and Seldane Corporations at and for year ended December 31, 2009, appear in the first two columns of the partially completed consolidation working papers. (In thousands) 1) Plastik Corporation acquired 80% of Seldane Corporation's common stock on January 1, 2009 for $210,000 cash. The stockholders' equity of Seldane at this time consisted of $150,000 of capital stock and $50,000 of retained earnings. The difference between the price paid by Plastik and the underlying equity acquired in Seldane was due to a $12,500 undervaluation of Seldane's inventory, a $25,000 undervaluation of Seldane's equipment, and goodwill. Additional Information: 1) The undervalued inventory items were sold by Seldane during 20009 and the undervalued equipment had a remaining useful life of five years. Straight line depreciation is used. 2) Seldane owed Plastik $4,000 on accounts payable at December 31, 2009 3) The separate financial statements of Plastik and Seldane Corporations at and for year ended December 31, 2009, appear in the first two columns of the partially completed consolidation working papers. (In thousands)