The consolidated income statement of Pop and Son for 2016 was as follows (in thousands):
Sales ................................................................. $5,520
Cost of sales ....................................................... (3,680)
Operating expenses ................................................. (640)
Income to 20 percent non-controlling interest in Son .......... (160)
Consolidated net income ........................................ $ 1,040
After the consolidated income statement was prepared, it was discovered that intercompany sales transactions had not been considered and that unrealized profits had not been eliminated. Information concerning these items follows (in thousands):

consolidated income statement of Pop and Son for 2016">

Required:
Prepare a corrected consolidated income statement for Pop and Son for the year ended December 31, 2016?

Transcribed Image Text:

Cost $640 360 Selling Price Unsold at Year-End 25% 2015 Sales-Pop to Son 2016 Sales-Son to Pop $720 400 40