E 8-9 Midyear piecemeal acquisition with goodwill The stockholder’s equity of Son Corporation at December 31, 2015, 2016, and 2017, is as follows (in thousands):

December 31, 2015 2016 2017 Capital stock, $10 par $200 $200 $200 Retained earnings 80 160 220

$280 $360 $420 Son reported income of $80,000 in 2016 and paid no dividends. In 2017, Son reported net income of $80,000 and declared and paid dividends of $10,000 on May 1 and $10,000 on November 1. Income was earned evenly in both years.

Pop Corporation acquired 4,000 shares of Son common stock on April 1, 2016, for $64,000 cash and another 8,000 shares on July 1, 2017, for $164,000. Any fair value/book value differential is goodwill.

REQuIRED: Determine the following:

1. Pop’s income from Son for 2016 and 2017 2. Noncontrolling interest at December 31, 2017 3. Preacquisition income in 2017 4. Balance of the Investment in Son account at December 31, 2017