P3-1 Prepare a consolidated balance sheet at acquisition date On December 31, 2016. Ali Corporation acquired 90 percent of interest in Baba Corporation at book value in cash. Separate balance sheets before acquisition are summarized as follows (in thousands): Ali Baba S550 200 140 Assets Cash Accounts receivable Inventories Land Buildings-net Equipment-net 600 S100 120 80 100 60 160 S620 750 800 $3,340 Liabilities and Stockholder's Equity Accounts payable Common stock. S10 par Retained earnings S180 2.500 660 $3,340 S120 300 200 S620 REQUIRED: Prepare a consolidated balance sheet for Ali Corporation and Subsidiary at December 31, 2016