The separate incomes (which do not include investment income) of Pop Corporation and Son Corporation, its 80 percent - owned subsidiary, for 2016 were determined as follows (in thousands):

___________________ Pop ___________ Son

Sales ....................$3,200 ...............$800

Less: Cost of sales ... 1,600 ................. 320

Gross profit .............1,600 ................480

Other expenses .......... 800 ................ 240

Separate incomes ...... $ 800 .............. $240

During 2016, Pop sold merchandise that cost $160,000 to Son for $320,000, and at December 31, 2016, half of these inventory items remained unsold by Son.

Required:

Prepare a consolidated income statement for Pop Corporation and Subsidiary for the year ended December 31, 2016?