Pastel Corporation purchased a 30 percent interest in Lumpia Corporation on January 1, 2016, by issuing 10,000 shares with a market price of $1,000,000 and paid $500,000 in cash when the book value of Lumpias net assets equaled fair value. During the year, Lumpia reported a net income of $800,000 as follows (in thousands):

Journal entry to record Income from discontinued operations Pastel Corporation purchased a 30 percent interest in Lumpia Corporation on January 1,2016 , by issuing 10,000 shares with a market price of $1,000,000 and paid $500,000 in cash when the book value of Lumpia's net assets equaled fair value. During the year, Lumpia reported a net income of $800,000 as follows (in thousands): REQUIRED: Prepare the journal entry on Pastel's books to recognize income from the investment in Lumpia for the year