Pop Corporation purchased 80 percent of the outstanding voting common stock of Son Corporation on January 2, 2016, for $1,200,000 cash. Son’s balance sheets on this date and on December 31, 2016, are as follows:

January 2 December 31
Inventories 200000 80000
Other Current assets 200000 320000
Plant assets-net 800000 880000
Total assets 1200000 1280000
Liabilities 200000 240000
Capitial stock 600000 600000
Retained earnings 400000 440000
Total equity 1200000 1280000
ADDITIONAL INFORMATION
1. Pop uses the equity method of accounting for its investment in Son
2. Son’s 2016 net income and dividends were $280,000 and $240,000, respectively.
3. Son’s inventory, which was sold in 2016, was undervalued by $50,000 at January 2, 2016
REQUIRED
1. What is Pop’s income from Son for 2016?
2. What is the noncontrolling interest share for 2016

For each of the following cases determine the ending balance in the inventory account. (hint: first, determine the total cost of inventory available for sale. next, subtract the cost of the inventory sold to arrive at the ending balance.)a. jill’s dress shop had a beginning balance in its inventory account of $40,000. during the accounting period jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. salaries of sales personnel amounted to $31,000. administrative expenses amounted to $35,600. cost of goods sold amounted to $82,300.b. ken’s bait shop had a beginning balance in its inventory account of $8,000. during the accounting period ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. sales discounts amounted to $640. ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. selling and administrative cost amounted to $12,300. cost of goods sold amounted to $33,900.a& b. cost of goods avaliable for sale? ending inventory?