Prepare a consolidated balance sheet at acquisition and compute consolidated net income one year later On December 31, 2011. The Ocean Corporation purchased 80 percent of the stock of Arabian Sea Company at book value. The data reported on their separate balance sheets immediately after the acquisition follow. At December 31, 2011. The Ocean Corporation owes Arabian Sea $10,000 on accounts payable (All amounts are in thousands) The Arabian Ocean Sea Assets Cash Accounts receivable Inventories Investment in Arabian Sen Equipment--net 64 90 286 400 760 1,600 36 68 112 350 566 Liabilities and Stockholders Equity Accounts payable Common stock, S10 par Retained earnings 80 920 600 1.600 66 300 200 566 REQUIRED 1. Prepare a consolidated balance sheet for The Ocean Corporation and Subsidiary at December 31, 2011 2. Compute consolidated net income for 2012 assuming that The Ocean Corporation reported separate income of S340,000 and Arabian Sea Company reported net income of S180,000. (Separate incomes does not include income from the investment in Arabian Sea.)