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P 4-6 Workpapers (determine ownership interest, year after acquisition, excess assigned to land and patents) 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): Pen Syn Combined Income and Retained Earnings Statement for the Year Ended December 31 $100 Income from Syn Cost of sales 18 (250) 100.6 67.4 (50) Net income Add: Retained earnings January Deduct: Dividends (50) $194.4 (16) Retained earnings December 31 Balance Sheet at December 31 Cash S 18 80 S 15 Dividends receivable from Syn 7.2 Note receivable from Pen Investment in Syn Buildings-net 95 10 30 50 $784.8 $210 s 10 219.6 170 130 Total assets Accounts payable Note payable to Syn Dividends payable S 85.4 Capital stock, $10 par 500 194.4 784.8 150 Retained earnings Total equities 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 . 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. 3. Syn Company owes Pen $5,000 on account, and Pen owes Syn $5,000 on a note payable. REQUIRED: Prepare consolidated workpapers for Pen Corporation and Subsidiary for the year ended December 31, 2012