P3-11 Consolidated balance sheet workpapers (fair value/book value differentials and noncontrolling interest) Pop Corporation acquired a 70 percent interest in Son Corporation on January 1, 2016, for S2,800,000, when Son's stockholders' equity consisted of $2,000,000 capital stock and $1.200,000 retained earnings. On this date, the book value of Son's assets and liabilities was equal to the fair value, except for inventories that were undervalued by $80,000 and sold in 2016, and plant issets that were undervalued by $320,000 and had a remaining useful life of eight years from January 1. Son's net income and dividends for 2016 were $280,000 and $40,000, respectively Separate company balance sheet information for Pop and Son Corporations at December 31. 2016, follows (in thousands): Pop Son Cash $ 240 S80 Accounts receivable-customers 1.760 800 Accounts receivable from Pop Dividends receivable Inventories 2.00 1.280 Land Plant assets net 2.800 1.400 Investment in Son $10.112 $4,200 Accounts payable-suppliers $ 1.200 $ 320 Accounts payable to Son Dividends payable 160 Long-term debt 2.400 Capital stock 2.000 Retained carings 2012 1.440 S10.112 40 28 400 600 2.884 40 40 400 4XI $4,200 REQUIRED: Prepare consolidated balance sheet work papers for Pop Corporation and Subsidiary at December 31, 2016