Q 3-2. On January 1, 2014, Pop paid $350,000 for an 70% interest in Son Company. At that time, Son's total equity was $300,000. On that date, - Son's inventory was overvalued by $20,000, all sold in 2014 ; - Son's land was undervalued by $40,000; - Son's equipment was undervalued by $50,000, with 5-year remaining useful life; and - Son's bonds payable was undervalued by $15,000, all paid in 2014 . The income statements for the year ended December 31, 2014 of Pop and Son are summarized below: Requirements: 1. Calculate the goodwill that will appear in the consolidated balance sheet of Pop and Son at December 31,2014 , AND prepare a schedule to assign the difference between the fair value of the investment in Son and the book value of the interest to identifiable and unidentifiable net assets.) 2. Prepare consolidated income statement. Calculate Income from Son on Pop's Income Statement. Calculate Noncontrolling interest share and Controlling interest share on the consolidated income statement