Allocation schedule for fair value/book value differential and consolidated balance sheet at acquisition P3-2 Pop Corporation acquired 70 percent of the outstanding common stock of Son Corporation on January 1, 2016, for $350,000 cash. Immediately after this acquisition the balance sheet information for the two companies was as follows (in thousands): Son Fair Value Pop Book Value Book Value Assets Cash Receivables-net Inventories Land S 40 60 60 S 40 60 $ 70 160 100 140 120 180 60 100 200 220 Buildings-net Equipment-net Investment in Son Total assets 140 80 160 350 S 560 $480 S1.300 Liabilities and Stockholders Equity Accounts payable Other liabilities $160 $ 180 20 1000 $160 100 200 20 8O Capital stock, $20 par Retained earnings Total equities 100 $40 S1 300 REQUIRED 1. Prepare a schedule to assign the difference between the fair value of the investment in Son and the book value of the interest to identifiable and unidentifiable net assets 2. Prepare a consolidated balance sheet for Pop Corporation and Subsidiary at January 1, 2016