P2-5 Prepare an allocation schedule; compute income and the investment balance Pop Corporation paid $1,680,000 for a 30 percent interest in Son Corporation's outstanding voting stock on January 1, 2016. The book values and fair values of Son's assets and liabilities on January 1, along with amortization data, are as follows (in thousands): Cash Accounts receivable-net Inventories (sold in 2016) Other current assets Land Buildings-net (10-year remaining life) Equipment-net (7-year remaining life) Total assets Accounts payable Othon unt lichilition 1 57 Book Value Fair Value $ 400 700 1,200 200 1,700 2,000 500 $6,700 $ 400 700 1,000 200 900 1,500 1,200 $5,900 $ 800 200 $ 800 200

P2-5 Prepare an allocation schedule; compute income and the investment balance Pop Corporation paid $1,680,000 for a 30 percent interest in Son Corporation's outstanding voting stock on January 1, 2016. The book values and fair values of Son's assets and liabilities on January 1, along with amortization data, are as follows (in thousands): P2-5 Prepare an allocation schedule; compute income and the investment balance Pop Corporation paid $1,680,000 for a 30 percent interest in Son Corporation's outstanding voting stock on January 1, 2016. The book values and fair values of Son's assets and liabilities on January 1, along with amortization data, are as follows (in thousands)