Workpapers (determine ownership interest, year after acquisition, excess assigned to land and patents) Separale 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 Syn Combined Income and Relained Earnings Statements Jor the Year Ended December 31 S 800 (500) 34.8 200 Income from Syn Cost of sales (100) Other Expenses Net income Add: Retained earnings January 1 Deduct: Dividends 68 Retained earnings December 31 Balance Sheet at December 31 Cash S 36 160 S 30 40 Dividends receivable from Syn Note receivable from Pen Investment in Syn Buildings- net 10 20 190 439.2 130 340 60 160 100 Equipment-net Toal assets 1569 Accounts payable Note payable to Syn Dividends payable Capital stock, S20 par Retained eamings S 170.8 S 20 10 1,000 1 69 420 388.8 Total equities ADDITIONAL INFORMATION 1. Pen Corporation acquired 13,500 shares of Syn Company slock for $30 per share on January 1, 201 wheo Syn's stockholders' equity consisted of $300.000 capital stock and S30,000 retained earnings. 2 Syn Company's land was undervalued when Pen acquired its interest, and accordingly,$40,000 of the fair valuc/book value differential was assigned to land. Any remaining differential is assigned to unrecorded patents with a 10-year remaining life. 3. Syn Company owes Peo S10,000 on account, and Pen owes Syn S10,000 on a note payable. REQUIRED: Prepare consolidated workpapers for Pen Corporation and Subsidiary for the year ended December 31, 2012