P 6-7 Workpaper (upstream sales current and previous years) Par Corporation acquired an 80 percent interest in Sin Corporation on January 1, 2011, for $108,000 cash, when Sin's capital stock was $100,000 and retained earnings were $10,000. The difference between investment fair value and book value acquired is due to a patent being amor- tized over a 10-year period. Separate financial statements for Par and Sin on December 31, 2014, are summarized as follows (in thousands): Par Sin S650 42 (390) (170) 132 95.6 (70) $157,6 Combined Income and Retained Earnings Statement for the Year Ended December 31, 2014 Sales Income from Sin Cost of sales Other expenses Net income Add: Beginning retained earnings Deduct: Dividends Retained earnings December 31 Balance Sheet at December 31, 2014 Cash Accounts receivable Inventories Plant assets Accumulated depreciation Investment in Sin Total assets Accounts payable Capital stock Retained earnings Total equities $ 58 40 60 290 (70) 121.6 $499.6 $ 42 300 157.6 $499.6 1988 al 21239| ADDITIONAL INFORMATION 1. Sin's sales include intercompany sales of $8,000, and Paris December 31, 2014, inventory includes $1,000 profit on goods acquired from Sin. Par's December 31, 2013, inventory contained $2,000 profit on goods acquired from Sin 2. Par owes Sin $4,000 on account 3. On January 1, 2013. Sin sold plant assets to Par for $60,000. These assets had a book value of S40.000 on that date and are being depreciated by Par over five years. 4. Park uses the equity method to account for its investment in Sin. REQUIRED: Prepare a consolidation workpaper for Par Corporation and Subsidiary for 2014