Pop Corporation acquired an 80 percent interest in Sun Corporation on January 1, 2017. Financial statements of Pop and Sun Corporations for the year 2017 are in next page (in thousands): REQUIRED: 1. Prepare worksheet entries. Only the information provided in the financial statements is available; accordingly, your solution will require some standard assumptions. Sun owned unrecorded patents having a fair value of 582,400 with a useful life of 10 years. 2. Complete the consolidation income statement for Pop and Sun at 31 of December 2017. 3. Complete the consolidation retained earnings for Pop and Sun at 31 of December 2017. 4. Complete the consolidation balance sheet for Pop and Sun at 31 of December 2017. Consolidate d Statements Pam 80% Sun Adjustments and Eliminations Debit Credits Income Statement 4160 1040 203 005 (2000) Sales Income from Sun Cost of goods sold Other expenses (776) (2001 Retained Earnings Statement 2046.72 436.8 Begg Retained earnings Dividends 520 (1664) Ret earnings 31/12 Balance Sheet Statement Cash 2350.88 7576 Div roce from 57.6 Sun Inventories 988 104 Not recaly from 52 Pop Buildings-net 3120 1416 Investment in Sun 2133.248 Advanced financial accounting 2020-2021 23206 Total assets Accounts payable Note payable to Sun Dividends payable 8649.728 884 52 1152 72 1560 Capital stock, 510 5200 par Retained earnings 2513.728 5824 Total equities 8649.728 23296 Consolidate Statements Pam 80% Sun Adjustments and Eiminations Det Credits Income Statement 4160 1040 203.008 (2600) 15201 Sales Income from Sun Cost of goods sold Other expenses 1776) 208 Retained Earnings Statement 2046.72 4368 Begg Retained carrings (5201 Dividends (1664) Ret earnings 31/12 Balance Sheet Statement Cash 235088 7576 Div rocely from 576 Sun Inventories Note recow from 52 Pop Buildings-net 3120 1416 Investment in Sun 2133.248 988 104 Advanced inancial accounting 2020 2021 2328.6 Total assets Accounts payable Note payable to 8649.728 864 52 1152 Sun Dividends payable 72 1560 Capital stock. $10 5200 par Retained oamings 2513.728 sa24 Total equities 8649.728 23236 Consolidate d Statements Pam 80% Sun Adjustments and Eliminations Debits Credits Income Statement Sales 4160 1040 Income from Sun 203.008 Cost of goods (2600) (520) sold Other expenses (776) (208) Retained Earnings Statement 2046.72 436.8 Begg Retained earnings Cash Dividends (520) (166.4) Ret earnings 31/12 Balance Sheet Statement 2350.88 757.6 Div receiv from 57.6 Sun Inventories 988 104 Note receiv from 52 Pop Buildings-net 3120 1416 Investment in Sun 2133.248 Pop Corporation acquired an 80 percent interest in Sun Corporation on January 1, 2017. Financial statements of Pop and Sun Corporations for the year 2017 are in next page (in thousands): REQUIRED: 1. Prepare worksheet entries. Only the information provided in the financial statements is available; accordingly, your solution will require some standard assumptions. Sun owned unrecorded patents having a fair value of 582,400 with a useful life of 10 years. 2. Complete the consolidation income statement for Pop and Sun at 31 of December 2017. 3. Complete the consolidation retained earnings for Pop and Sun at 31 of December 2017. 4. Complete the consolidation balance sheet for Pop and Sun at 31 of December 2017. Consolidate d Statements Pam 80% Sun Adjustments and Eliminations Debit Credits Income Statement 4160 1040 203 005 (2000) Sales Income from Sun Cost of goods sold Other expenses (776) (2001 Retained Earnings Statement 2046.72 436.8 Begg Retained earnings Dividends 520 (1664) Ret earnings 31/12 Balance Sheet Statement Cash 2350.88 7576 Div roce from 57.6 Sun Inventories 988 104 Not recaly from 52 Pop Buildings-net 3120 1416 Investment in Sun 2133.248 Advanced financial accounting 2020-2021 23206 Total assets Accounts payable Note payable to Sun Dividends payable 8649.728 884 52 1152 72 1560 Capital stock, 510 5200 par Retained earnings 2513.728 5824 Total equities 8649.728 23296 Consolidate Statements Pam 80% Sun Adjustments and Eiminations Det Credits Income Statement 4160 1040 203.008 (2600) 15201 Sales Income from Sun Cost of goods sold Other expenses 1776) 208 Retained Earnings Statement 2046.72 4368 Begg Retained carrings (5201 Dividends (1664) Ret earnings 31/12 Balance Sheet Statement Cash 235088 7576 Div rocely from 576 Sun Inventories Note recow from 52 Pop Buildings-net 3120 1416 Investment in Sun 2133.248 988 104 Advanced inancial accounting 2020 2021 2328.6 Total assets Accounts payable Note payable to 8649.728 864 52 1152 Sun Dividends payable 72 1560 Capital stock. $10 5200 par Retained oamings 2513.728 sa24 Total equities 8649.728 23236 Consolidate d Statements Pam 80% Sun Adjustments and Eliminations Debits Credits Income Statement Sales 4160 1040 Income from Sun 203.008 Cost of goods (2600) (520) sold Other expenses (776) (208) Retained Earnings Statement 2046.72 436.8 Begg Retained earnings Cash Dividends (520) (166.4) Ret earnings 31/12 Balance Sheet Statement 2350.88 757.6 Div receiv from 57.6 Sun Inventories 988 104 Note receiv from 52 Pop Buildings-net 3120 1416 Investment in Sun 2133.248