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P 4-2 Workpaper in Year of Acquisition Liam AB acquired Theo AB's 80 percent ownership on January 1, 2014 for $10,000,000, when lities book values were the same with the fair values during that period. The AB's stockhold ers equity consisted of $2,000,000 capital stock and $8,000.000 retained earnin B's assets and bo rate financial statements of Liam AB and Theo AB on December 31, 2014 are as follows (n thousands; Liam AB Theo AB Combined Income and Retained Earnings Statements for the Year Ended December 3I Sales Income from Theo AB Cost of sales Expenses $ 67,000 $30,500 $ 1,200 ($42,000) ($25,000) ($21,900) 4,000) 4,300 1,500 $11,600 8,000 S 3,000) 500 $12,900 9,000 Net income Add: Beginning retained January 1 Deduct: Dividends Retained earnings December 31 Balance Sheet at December 31 Cash Accounts receivable-net Dividends receivable Inventories Other current assets Land Buildings-net Equipment-net Investment in Theo AB $ 800 600 $1,300 800 S 400 2,600 $ 400 $ 1,200 1,800 $ 3,000 4,200 $3,200 3,600 $ 2,200 2,400 $10,800 $25,500 $ 13,800 Total Assets Liam AB Theo AB Accounts payable Dividends payable Notes payable Capital Stock, $10 par Retained earnings 1,000 400 $ 2,500 $ 500 $ 4,100 1,900 $ 5,000 2,000 $12,900 $ 9.000 $25,500 13,800 Total liabilities and equities All dividends declared by Theo AB during the year had not been paid. QUIRED: Prepare consolidation work papers for Liam AB and subsidiary for the year ended December 31, 2014