Liam Corporation acquired 80% ownership in Theo Corporation on January 1,2014 , for $10,000,000, when Theo stockholders' equity consisted of $2,000,000 capital stock and $8,000,000 retained earnings. Theo assets and liabilities were at book value equal to fair value at the time. Separate financial statements of Liam and Theo at December 31,2014 , are as follows (in thousands). Instructions Prepare consolidation working papers for Tom Corporation and Subsidiary for the year ended December 31, 2014