Separate company financial statements for Pop Corporation and its subsidiary, Son Company, at and for the year

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Separate company financial statements for Pop Corporation and its subsidiary, Son Company, at and for the year ended December 31, 2017, are summarized as follows (in thousands):
Separate company financial statements for Pop Corporation and its subsidiary,

Additional Information
1. Pop Corporation acquired 13,500 shares of Son Company stock for $60 per share on January 1, 2016, when Son's stockholders' equity consisted of $600,000 capital stock and $60,000 retained earnings.
2. Son Company's land was undervalued when Pop acquired its interest, and accordingly, $80,000 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. Son Company owes Pop $20,000 on account, and Pop owes Son $20,000 on a note payable.
Required:
Prepare consolidated work-papers for Pop Corporation and Subsidiary for the year ended December 31, 2017?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Advanced Accounting

ISBN: 978-0134472140

13th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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