On January 1, 2000, Pam Corporation held 2,000 shares of Sun Corporation common stock acquired at $15 per share several years earlier. On this date, Pam issued 1.5 of its $10 par value shares for each of the other 98,000 outstanding shares of Sun in a pooling of interests in which Sun Corporation was dissolved. Sun Corporation's after-closing trial balance on December 31, 1999, consisted of the following (in thousands):
Current assets ..................... $ 800
Plant and equipment-net .......1,500
Liabilities ............................................. $ 200
Capital stock, $5 par ...................................500
Additional paid-in capital ..........................1,000
Retained earnings .....................................600
.......................................$2,300 ........$2,300
Required:
Prepare a journal entry (or entries) on Pam's books to account for the pooling of interests?