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An Introduction to Consolidated Financial Statements 111 Pop Son $1,000 Sales Income from Son Total...

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An Introduction to Consolidated Financial Statements 111 Pop Son $1,000 Sales Income from Son Total revenue Less: Cost of goods sold Operating expenses Total expenses Net income $3.200 261 3.461 1.800 800 2,600 S 861 1.00 400) 300 700 300 ADDITIONAL INFORMATION 1. Son is a 90 percent-owned subsidiary of Pop, acquired by Pop for $1,620,000 on January 1, 2016, when Son's stockholders' equity at book value was $1,400,000, 2. The excess of the cost of Pop's investment in Son over book value acquired was allocated $60,000 to undervalued inventories that were sold in 2016, $40,000 to undervalued equipment with a four-year remain ing useful life, and the remainder to goodwill REQUIRED: Prepare a consolidated income statement for Pop Corporation and Subsidiary for the year ended December 31, 2018

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