P 3-6 Consolidated balance sheet workpapers with goodwill and dividends Per Corporation paid $1,800,000 cash for 90 percent of Sim Corporation's common stock on January 1, 2011, when Sim had $1,200,000 capital stock and $400,000 retained earnings. The book values of Sim's assets and liabilities were equal to fair values. During 2011, Sim reported net income of $80,000 and declared $40,000 in dividends on December 31. Balance sheets for Per and Sim at December 31, 2011, are as follows (in thousands): Per Sim Assets Cash $ 168 $ 80 Receivables-net 200 520 Inventories 1,400 200 Land 600 800 Equipment-net 2,400 400 Investment in Sim 1,836 $6.604 $2.000 Per Sim Equities Accounts payable $1,640 $ 320 Dividends payable 240 40 Capital stock 4,000 1.200 Retained earnings 724 440 $6,604 $2.000 REQUIRED: Prepare consolidated balance sheet workpapers for Per Corporation and Subsidiary for December 31, 2011.PER CORPORATION AND SUBSIDIARY P 3-6 CONSOLIDATED BALANCE SHEET WORKING PAPER FOR YEAR ENDED DECEMBER 31, 2011 Consolidated | Adjustments & Eliminations Balance (in thousands) Per Sim Debits Credits Sheet Cash 168 80 248 Receivables--net 200 520 720 Inventories 1,400 200 1,600 Land 600 800 1,400 Equipment--net 2,400 400 2,800 Investment in Sim 1,836 1,836 Goodwill 0 Total assets 6,604 2,000 8,604 Accounts payable 1,640 320 1,960 Dividends payable 240 40 280 Capital stock 4,000 1,200 5,200 Retained earnings 724 440 1, 164 Total equities 6,604 2,000 Noncontrolling interest 8,604 0 0