Please completely per Excel Worksheet. Use ONLY Microsoft Excel for your calculations.

Pen 48 68 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): Syn Combined Income and Retained Earnings Statements for the Year Ended December 31 Sales $ 800 $200 Income from Syn 36 Cost of sales (500) (100) Other Expenses (2012) (52) Net income 134.8 Add: Retained earnings January 1 354 Deduct: Dividends (100) (32 Retained earnings December 31 $ 388.8 $ 84 Balance Sheet at December 31 Cash $ 36 $ 30 Accounts receivable-net 160 Dividends receivable from Syn 14.4 Note receivable from Pen 10 Inventory 190 20 Investment in Syn 439.2 - Land 130 60 Buildings-net 340 160 Equipment-net 260 100 Total assets $1.569.6 $420 Accounts payable $ 170.8 $ 20 Note payable to Syn 10 Dividends payable 16 Capital stock, $20 par 1.000 300 Retained earnings 388.8 84 Total equities $1,569.6 $420 40 1394821 2883311.95511 ADDITIONAL INFORMATION 1. Pen Corporation acquired 13,500 shares of Syn Company stock for $30 per share on January 1, 2011, when Syn's stockholders' equity consisted of $300,000 capital stock and $30,000 retained earnings. 2. Syn Company's land was undervalued when Pen acquired its interest, and accordingly, $40,000 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 $10,000 on account, and Pen owes Syn $10,000 on a note payable. Consolidated Statements 36.0 1 NAME HERE PEN CORPORATION AND SUBSIDIARY P 4-6 CONSOLIDATION WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2012 90% | Adjustments & Eliminations (in thousands) Pen Syn Debits Credits INCOME STATEMENT Sales 800.0 200.0 Income from Syn Cost of sales (500.0) (100.0) Other expenses (201.2) (52.0) Consolidated NI Noncontr. interest share Controlling share of NI 134.8 48.0 RETAINED EARNINGS Retained earnings--Pen | 354.0 Retained earnings--Syn 68.0 Controlling share of NI 134.8 48.0 Dividends (100.0) (32.0) 1000.0 36.0 (600.0) (253.2) 182.8 0.0 182.8 354.0 68.0 182.8 (132.0) 388.8 84.0 472.8 30.0 40.0 Retained earnings--12/31 BALANCE SHEET Cash Accounts receivable Dividends receivable Inventories Note receivable-Pen Investment in Syn 36.0 160.0 14.4 190.01 66.0 200.0 14.4 210.0 10.0 439.2 20.01 10.0 439.2 | 130.0 340.0 260.0 60.0 160.0 100.0 1569.6 420.0 20.0 Land Buildings-net Equipment-net Patents Total assets Accounts payable Note payable to Syn Dividends payable Capital stock Retained earnings Total equities Noncontrolling interest 190.0 500.0 360.0 0.0 1989.6 190.8 10.0 16.0 1300.0 472.8 170.8 10.0 1000.0 388.8 1569.6 16.01 300.0 84.0 420.0 0.0 1989.6 0.0 0.0