Separate company financial statements for Pen Corporation and its subsidiary,Syn Company, at and for the year ended December 31, 2012, are summarized as follows (in thousands) Pen Combined income and Retained Earnings Statement for the Year Ended December 31 Si00 Income from Syn Cost of sales IS (250) 1006 26 Net income 67.4 Add: Retained carnings January I Deduct: Dividends 34 (16) $1944 S47 Retained earnings December 3 Balance Sheet at December 31 Cash 15 20 S 18 Dividends receivable from Syn Note receivable from Pen 7.2 95 10 30 50 7848 $210 S 10 Investment in Syn 219.6 170 130 Accounts payable Note payable to Syn Dividends payable Capital stock, S10 par Retained earnings 854 150 1944 Total equities $7843 S210 ADDITIONAL INFORMATION 1. Pen Corporation acquired 13,500 shares of Syn Company stock for $15 per share on Janaary 1, 2011 when Syn's stockholders' equity consisted of $150,000 capital stock and $i5,000 retained camings 2. Syn Company's land was undervalued when Pen acquired its interest, and accordingly. $20,000 of the fair value/book value differential was assigned to lad. Any remaining differential is assigned to unrecorded patents with a 10-year remaining life. 3. Syn Company owes Pen $5,000 on account, and Pen owes Syn $$,000 on a note payable. REQUIRED: Prepare consolidated workpapers for Pen Corporation and Subsidiary for the year ended December 31, 2012