E2-5 Calouiate incoime and invostmont balance alfocation of excess to andervalued assots Pop Company acquired a 30 percent interest in Son on January 1 for $500,000 cash. Assume the cost ot the investment eoualh the ti velue of San's net assets: Pop asigned the $125.00D excess of tair alue over book value ot the interest acquired to the following assets: Inventories Building Goodwill $25,000 (sold in the current year) $50,000 (4 year remaining life at January 1) $50,000 Daring the year Son reported net income of $200,000 and paid $50,000 dividends. REQUIRED 1. Determine Pop's income from Son for the year 2. Determine the December 31 balance of the Investment in Son account