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P3-2 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): Pop Book Value Book Value Fair Value 5 10 40 S 70 160 140 200 220 100 140 Assets Cash Receivables.net Inventories Land Buildings--net Equipment net Investment in Son Total assets Liabilities and Stockholders' Equity Accounts payable Other liabilities Capital stock. $20 par Retained earnings Total equities 150 $1,300 SINO S160 TO 20 1.000 100 51.300 REQUIRED 1. 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 2. Prepare a consolidated balance sheet for Pop Corporation and Subsidiary may 1 2016