P2-3 Computations for investee when excess allocated to inventories, building, and goodvitl Pop Company acquired a 30 percent interest in the voting slock of Son Company for $331,000 on Jnuary 1,2016, when Son's stockholders equity consisted of capital stock of $600,000 and retained eunings of $400,000. At the time of Pop's investment for inventories that were undervalued by $30,00 and a heilding with a lO-year remainingcful ie at was overvalued by S60.000. Son has income for 2016 of $100000 and pays dividends of $50.0) Assume undervalued inventories are sold in 2016 , Son'savuets and lishilities were recrded at firvalues except REQUIRED 1. Compute Pop's income from Son for 2016. 2. What is the balance of Pop's Investmient in Son aco 3. What is Pop's share of Son's recorded net assets at December 31. 2016? ust at December 11. 2016