Pop corporation acquired 70 percent of the outstanding voting stock of of Son corporation for $182,000 cash on January 1, 2016, when Son's stockholders' equity was $260,000. All the assets and liabilities of Son were stated at fair values (equal to book values) when Pop acquired its 70 percent interest Financial statements of the two corporations at and for the year ended December 31, 206 are as follows in thousands:

POP CORPORATION AND SUBSIDIARY

CONSOLIDATION WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2016

70% Consolidated

Pop Son Statements

INCOME STATE...

Sales 1240 400 1640

Income from Son 42 c 42

Cost of goods sold (800) (260) (1060)

Operating expenses (308) (80) (388)

Consolidated NI 234

Noncontr. interest share 0

Controlling share of NI 174 60 234

RETAINED EARNINGS

Retained earnings-Pop 260 260

Retained earnings-Son 44 44

Controlling share of NI 174 60 234

dividends (120) (40)

(160)

Ret earnings-ending 314 64 378

BALANCE SHEET

Cash 182 60 242

Receivables-net 240 120 360

Inventories 96 80 176

Plant & equipment - net 480 140 620

Investment in Son 196 196

Goodwill 0

Total assets 1194 400 1594

Accounts payable 120 72 192

Other liabilities 80 48 128

Capital stock $10 par 600 200 800

Other paid-in capital 80 16 96

Retained earnings 314 64 378

Total equities 1194 400

Noncontrolling interest

1594

check figures 320 320