Balance sheet information of Pod and Sad Corporations at December 31, 2011, is summarized as follows (in thousands):

On January 2, 2011, Pod purchases 80 percent of Sad's outstanding shares for $500,000 cash.REQUIRED1. Determine goodwill from the acquisition under(a) Parent-company theory and(b) Entity theory.2. Determine noncontrolling interest at January 2, 2011, under(a) Parent-company theory and(b) Entity theory.3. Determine the amount of total assets that would appear on a consolidated balance sheet prepared at January 2, 2011, under(a) Parent-company theory and(b) Entitytheory.

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Pod Sad Sad Book Value Book Value Fair Value $ 90 360 $450 $ 50 $ 520 Current assets Plant assets-net 480 250 $300 $1,000 Sad Sad Pod Fair Value Book Value Book Value $ 80 $ 40 200 $ 50 Current liabilities Capital stock Retained earnings 800 120 60 $1,000 $300