Pop Corporation paid $3,000,000 for an 80 percent interest in Son Corporation on January 1, 2016, when the book values and fair values of Son's assets and liabilities were as follows (in thousands):

REQUIRED
1. Prepare a journal entry on Son's books to push down 80 percent of the values reflected in the purchase price (the parent-company-theory approach).
2. Prepare a journal entry on Son's books to push down 100 percent of the values reflected in the purchase price (the entity-theory approach).
3. Calculate the noncontrolling interest in Son on January 1, 2016, under parent-company theory.
4. Calculate the noncontrolling interest in Son on January 1, 2016, under entity theory.

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Book Value Fair Value 300 600 800 200 600 1,000 S3,500 $ 500 1,000 800 1,200 $3,500 300 600 2,400 200 600 500 $4,600 Cash Accounts receivable-net Inventories Land Buildings-net Equipment-net Accounts payable Long-term debt Capital stock, $1 par Retained earnings S 500 1,000