Pop Corporation acquired 30 percent of the voting stock of Son Company at book value on July 1, 2016. During 2018, Son paid dividends of $160,000 and reported income of $500,000 as follows:
Income from continuing operations .............................. $300,000
Discontinued operations gain ....................................... 200,000
Net income .......................................................... $500,000
Required:
Show how Pop's income from Son should be reported for 2018 by means of a partial income statement for Pop Corporation?