Pop Corporation owns a 40 percent interest in Son Company, a joint venture that is organized as an undivided interest. In its separate financial statements, Pop accounts for Son under the equity method, but for reporting purposes, the proportionate consolidation method is used.

Separate financial statements of Pop and Son at and for the year ended December 31, 2016, are summarized as follows (in thousands):

REQUIRED:
Prepare a workpaper for a proportionate consolidation of the financial statements of Pop Corporation and Son Company at and for the year ended December 31, 2016.

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Pop Corporatio Son Company Combined Income and Retained Earnings Statements for the Year Ended December 31, 2016 Sales Income from So Cost of sales Depreciation expense Other expenses Net income Beginning retained earnings Beginning venture equity Dividends $ 800 20 (400) (100) (120) 200 300 $300 (150) (40) (60) 50 250 (100) $ 400 Retained earnings/venture equity Balance Sheets at December 31, 2016 Cash Receivables-net Inventories Land Buildings-net Equipment-net Investment in Son S300 S 50 30 40 60 100 180 $ 100 130 110 140 200 300 120 $1,100 $ 120 80 500 400 Total assets $460 $100 60 Accounts payable Other liabilities Common stock, $10 par Retained earnings Venture equity 300 $460 Total equities $1,100