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On 1/01/17 Piper company purchased 100% of the stock of Snake Corp. for $8,000,000. Snake continued to operate as a separate legal corporation after the acquisition. At the time of the acquisition Snake Corp had $4,800,000 of capital stock and $1,600,000 of retained earnings. All assets and liabilities of Snake had fair values equal to their book values at 1/1/17 except for plant assets that were undervalued by $400,000 (fair value=$2,000,000 and its book value=$1,600,000) with a remaining life of 5 years. During 2017, Snake reported net income of $400,000 and declared dividends of $160,000 on 12/31/17. Balance sheets for Piper and Snake at 12/31/17 (in 000s) are as follows:

	Piper	Snake
Cash	1,000	400
Receivables - Net	1,200	2,020
Recevable - Snake		60
Dividends Receivable	160
Inventory	7,400	800
Land	4,800	3,200
Equipment - Net	14,400	1,600
Investment in Snake	8,160
Goodwill
Total Assets	37,120	8,080
Accounts Payable	9,220	1,280
Accts Payable - Piper	60
Dividends Payable	640	160
Capital Stock	24,000	4,800
Retained Earnings	3,200	1,840
Total L + Equity	37,120	8,080

Prepare consolidated balance sheet workpapers for Piper and its subsidiary at 12/31/17.

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