Consolidation workpapers from separate financial statementsPal Corporation acquired a 75 p...

Consolidation workpapers from separate financial statements

Pal Corporation acquired a 75 percent interest in Sun Corporation on January 1, 2011, for $360,000 in cash. Financial statements of Pal and Sun Corporations for 2011 are as follows (in thousands):

REQUIRED: Prepare consolidation workpapers for Pal Corporation and Subsidiary for the year ended December 31, 2011. Only the information provided in the financial statements is available; accordingly, your solution will require some standard assumptions.