Balance sheets for Pop Corporation and its 80 percent-owned subsidiary, Son Company, at December 31, 2017, are summarized as follows (in thousands): ADDITIONAL INFORMATION 1. Pop Corporation paid $256,000 for its 80 percent interest in Son on January 1, 2016, when Son had capital stock of $200,000 and retained earnings of $20,000. 2. At December 31, 2017, Pop s inventory included items on which Son had recorded gross profit of $40,000. REQUIRED: Prepare a consolidated balance sheet for Pop Corporation and Subsidiary at December 31, 2017, under the entity theory of consolidation.
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