Can someone please answer problem 4-6, I am looking for the required section to be answered. The second picture are the steps I need to understand. Would someone please provide a step by step solution, answering all the questions so that I may develop a better understanding of how to solve problems like this please? I really appreciate your help! Thank you!

P 4-6 Workpapers (determine ownership interest, year after acquisition, exce assigned to land and patents) Separate company financial statements for Pen Corporation and its subsidiary, Syn Company, at and f the year ended December 31, 2012, are summarized as follows (in thousands) Syn Combined Income and Retained Earnings Statements for the Year Ended December 31 Sales Income from Syn Cost of sales $100 18 (250) 674 (50) (50) Net income Add: Retained earnings January1 Deduct Dividends (16) 42 Retained earnings December 31 $194.4 Balance Sheet at December 31 s 15 s 18 80 Dividends receivable from Syn Note receivable from Pen 7.2 95 10 30 50 Investment in Syn 219.6 65 170 130 Total assets 784.8S210 Accounts payable Note payable to Syn Dividends payable S 85.4 s 10 Capital stock, $10 par 150 Retained earnings Total equities 194.4 ADDITIONAL INFORMATION 1. Pen Corporation acquired 13,500 shares of Syn Company stock for $15 per share on January 1, 2011 when Syn's stockholders' equity consisted of $150,000 capital stock and $15,000 retained earnings 2 Syn Company's land was undervalued when Pen acquired its interest, and accordingly, $20,000 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. Syn Company owes Pen $5,000 on account, and Pen owes Syn $5,000on a note payable. REQUIRED: Prepare consolidated workpapers for Pen Corporation December 31, 2012 and Subsidiary for the year ended