Computations. for investee when excesa allocated to inventoriea, building, and goodwill Pop Company acquired a 30 percent intere5t in me voting Stock. of Son Company for $331,000 on January 1, 2016, when Son'e atocltholders' equity conSiSted of capital Stock. of $600,000 and retained eamin35 of $4M,000. At the time of PUDJS inveStment, Son'S HSSEI'S and liabilitie5 were recorded at fair valueS, except for inventories that were undervalued by $30,000 and a building with a 10-year remaining useth life mat was overvalued by $60,000. Son has income for 2016 of $100,000 and pay5 dividenda of $50,000. A55ume undervalued inventorie5 are Sold in 2016. REQUIRED 1. Compute Pop's income from Sun for 2016. 2. What i5 1e balance of Pop's lnveatment in Son account at December 31, 2016? 3. What i5 Pop'S share of Son'e recorded net assets at December 3 1, 2016