Requirements: a. Prepare a journal entry at the time of the acquisition of Son on January 1, 2016 b. Prepare the elimination journals necessary to prepare the consolidated statement of financial position immediately after the acquisition. c. Prepare a working paper for the consolidated financial position report of Pop and its subsidiaries for 2016. d. Prepare a consolidated statement of financial position for Pop and subsidiaries on December 31, 2016. Please answers all requirements and use IFRS.

P3-11 Consolidated balance sheet workpapers (fair value/hook value differentials and noncontrolling interest) Pop Corporation acquired a 70 percent interest in Son Corporation on January 1, 2016, for $2,800,000, 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 assets 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)