Pop Corporation acquired 70 percent of the outstanding common stock of Son Corporation on January 1, 2016, for $350,000 cash. Immediately after this acquisition the balance sheet information for the two companies was as follows (in thousands):

Required
1. Prepare a schedule to assign the difference between the fair value of the investment in Son and the book value of the interest to identifiable and unidentifiable net assets.
2. Prepare a consolidated balance sheet for Pop Corporation and Subsidiary at January 1, 2016?

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Son Pop Book Value Book Value Fair Value Assets Cash Receivables-net Inventories $70 160 140 200 220 160 350 $1,300 $ 40 60 $ 40 60 100 120 180 60 100 140 Buildings-net Equipment-net Investment in Son Total assets Liabilities and Stockholders Equity Accounts payable Other liabilities Capital stock, $20 par Retained earnings Total equities $480 560 $ 180 20 1,000 100 $160 100 200 20 $160 80