Pop Corporation has owned a 30 percent interest in Son Corporation for ten years, and has properly recorded this investment using the equity method of accounting. On July 1 of the current year Pop...

Pop Corporation has owned a 30 percent interest in Son Corporation for ten years, and has properly recorded this investment using the equity method of accounting. On July 1 of the current year Pop purchased an additional 40 percent interest in Son. Is it permissible for Pop to include all current year earnings of Son in the consolidated income statement for the current year?