Pop Corporation acquired a 70 percent interest in Son Corporation on April 1, 2016, when it purchased 14,000 of Son's 20,000 outstanding shares in the open market at $13 per share. Additional costs of acquiring the shares consisted of $10,000 legal and consulting fees. Son Corporation's balance sheets on January 1 and April 1, 2016, are summarized as follows (in thousands):

Additional Information
1. The overvalued inventory items were sold in September 2016.
2. The undervalued items of equipment had a remaining useful life of four years on April 1, 2016.
3. Son's net income for 2016 was $80,000 ($60,000 from April to December 31, 2016).
4. On December 1, 2016, Son declared dividends of $2 per share, payable on January 10, 2017.
5. Any unidentified assets of Son are not amortized?
Required
1. Prepare a schedule showing how the difference between Pop's investment cost and book value acquired should be allocated to identifiable and/or unidentifiable assets.
2. Calculate Pop's investment income from Son for 2016.
3. Determine the correct balance of Pop's Investment in Son account at December 31, 2016?

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January 1 (per books April 1 (per books) April 1 (fair values) Cash Inventories Other current assets $45 50 20 $40 35 25 30 100 $230 $45 15 100 70 $45 60 20 30 95 $250 $40 20 100 70 20 250 Equipment-net Total assets 135 $300 $40 20 Accounts payable Other liabilities Capital stock, $5 par earnings January 1 Current earnings Total liabilities and equity