Pop Company paid $198,000 for a 90 percent interest in Son on January 5, 2016, when Son’s capital…

Pop Company paid $198,000 for a 90 percent interest in Son on January 5, 2016, when Son’s capital stock was $120,000 and its retained earnings $40,000. Trial balances for the companies at December 31, 2019, are as follows (in thousands): Pop Son Cash $ 22 $ 30 Accounts receivable 30 50 Plant assets 440 360 Investment in Son 273.6 — Cost of goods sold 100 60 Operating expenses 50 80 Dividends 40 20 $ 955.6 $ 600 Accumulated depreciation $ 180 $ 100 Liabilities 160 60 Capital stock 200 120 Paid-in excess 40 — Retained earnings 143.2 140 Sales 200 180 Income from Son 32.4 — $955.6 $ 600 The excess fair value over book value acquired was assigned $20,000 to undervalued inventory items that were sold in 2016 and the remainder to patents having a remaining useful life of 10 years from January 1, 2016. REQuIRED 1. Summarize the changes in Pop Company’s Investment in Son account from January 5, 2016, through December 31, 2019. 2. Prepare consolidation workpapers for Pop Company and Son for 2019 using the trial balance approach for your workpapers.

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