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):

ADDITIONAL INFORMATION
1. Pen Corporation acquired 13,500 shares of Syn Company stock for $30 per share on January 1, 2011, when Syn's stockholders' equity consisted of $300,000 capital stock and $30,000 retained earnings.
2. Syn Company's land was undervalued when Pen acquired its interest, and accordingly, $40,000 of the fair value/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 Pen $10,000 on account, and Pen owes Syn $10,000 on a note payable.
REQUIRED
Prepare consolidated workpapers for Pen Corporation and Subsidiary for the year ended December 31, 2012.

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Pen Syn Combined Income and Retained Earnings Statements for the Year Ended December 31 $ 800 Income from Syn Cost of sales Other Expenses $200 (100) 48 (500) 201.2 (52) Net income Add: Retained earnings January 1 Deduct: Dividends 134.8 354 100) Retained earnings December 31 Balance Sheet at December 31 $ 36 160 $ 30 Accounts receivable-net Dividends receivable from Syn Note receivable from Pen Inventory Investment in Syn 14.4 10 190 439.2 130 Buildingsnet Equipment-net 260 $1,569.6 160 100 $420 Total assets $ 170.8 $ 20 Accounts payable Note payable to Syn Dividends payable Capital stock, $20 par Retained earnings 10 16 1,000 388.8 Total equities