Consolidated balance sheet workpapers with goodwill and dividends Pioneers Corporation paid $900.000 cash for 90 percent of Sky Corporation's common stock on January 1, 2011, when Sky had $600.000 capital stock and S200,000 retained earnings. The book values of Sky's assets and liabilities were equal to fair values. During 2011, Sky reported net income of $40,000 and declared $20,000 in dividends on December 31. Balance sheets for Pioneers and Sky at December 31, 2011, are as follows (in thousands) Pioneers Sky Assets Cash Receivables-net Inventories Land Equipment-net Investment in Sky 84 100 700 300 1,200 40 260 100 400 200 918 3,302 1,000 Equities Accounts payable Dividends payable Capital stock Retained earnings 160 20 820 120 2,000 362 3,302 600 220 1,000 Required: Prepare consolidated balance sheet working papers for Pioneers Corporation and Subsidiary for December 31, 2011