Pop Corporation purchased a 70 percent interest in Son Corporation on January 2, 2016, for $98,000, when Son had capital stock of $100,000 and retained earnings of $20,000. On June 30, 2017, Pop purchased an additional 20 percent interest for $37,000.
Comparative financial statements for Pop and Son Corporations at and for the year ended December 31, 2017, are as follows (in thousands):

REQUIRED
1. Prepare a schedule explaining the $171,000 balance in Pop's Investment in Son account at December 31, 2017.
2. Compute goodwill that will appear in the December 31, 2017, consolidated balance sheet.
3. Prepare a schedule computing consolidated net income for 2017.
4. Compute consolidated retained earnings on December 31, 2017.
5. Compute noncontrolling interest on December 31, 2017.

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Pop Son Combined Income and Retained Earnings Statement for the Year Ended December 3I Sales Income from Son Cost of sales Expenses $200 $400 24 (250) (50) Net income Add: Beginning retained earnings Less: Dividends, December 1 (150) (20) 30 50 (10) 200 (64) $260 Retained earnings, December 31 Balance Sheet at December 31 Other assets Investment in Son S 70 $429 $200 Total assets Liabilities Common stock Retained earnings $600 $ 40 300 260 $600 $200 $30 100 70 $200 Total equities