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Comparative income statements of Pop Corporation and Son Corporation for the year ended December 31, 2018, are as follows (in thousands): Additional Information 1. Son is a 90 percent-owned subsidiary of Pop, acquired by Pop for $1,620,000 on January 1, 2016, when Son s stockholders equity at book value was $1,400,000. 2. The excess of the cost of Pop s investment in Son over book value acquired was allocated $60,000 to undervalued inventories that were sold in 2016, $40,000 to undervalued equipment with a four-year remaining useful life, and the remainder to goodwill. Required: Prepare a consolidated income statement for Pop Corporation and Subsidiary for the year ended December 31, 2018?
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