The balance sheets of Pop Corporation and Son Corporation at December 31, 2015, are summarized with fair-value information as follows (in thousands):

On January 1, 2016, Pop Corporation acquired all of Son's outstanding stock for $300,000. Pop paid $100,000 cash and issued a five-year, 12 percent note for the balance. Son was dissolved.
Required
1. Prepare a schedule to show how the investment cost is allocated to identifiable assets and liabilities.
2. Prepare a balance sheet for Pop Corporation on January 1, 2016, immediately after the acquisition?

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Pop Corporation Book Value Fair Value Book Value Fair Value Equipment-net $700 Accounts payable Other liabilities Capital stock, $10 par Other paid-in capital Retained earnings