P $3-2$ Allocation schedule for fair value$/$book value differential and consolidated balance sheet at acquisition Pop Corporation acquired $70$ percent of the outstanding common stock of Son Corporation on January $1,2016,$ for $$350,000$ cash. Immediately after this acquisition the balance sheet information for the two companies was as follows $($in thousands$)$: Son Pop Book Value Book Value Fair Value Assets Cash $ $70$ $ $40$ $$40$ Receivables$$net $1606060$ Inventories $14060100$ Land $200100120$ Buildings$$net $220140180$ Equipment$$net $1608060$ Investment in Son $350$ Total assets $$1,300$ $$480$ $ $560$ Liabilities and Stockholders$$ Equity Accounts payable $ $180$ $$160$ $$160$ Other liabilities $2010080$ Capital stock, $$20$ par $1,000200$ Retained earnings $10020$ Total equities $$1,300$ $$480$ Required Prepare a schedule to assign the difference between the fair value of the investment in Son and the book value of the interest to identifiable and unidentifiable net assets. Prepare a consolidated balance sheet for Pop Corporation and Subsidiary at January $1,2016.$