Pam Corporation paid $190,000 for 40 percent of Sun Corporation's outstanding voting common stock on July 1,

Question:

Pam paid $190,000 for 40 percent of Sun Corporation's outstanding voting on July 1, 2016. Sun's stockholders' equity on January 1, 2016, was $250,000, consisting of $150,000 capital stock and $100,000 retained earnings.
During 2016, Sun reported net income of $50,000, and on November 1, 2016, Sun declared dividends of $25,000.
Sun's assets and liabilities were stated at fair values on July 1, 2016, except for land that was undervalued by $15,000 and equipment with a five-year remaining useful life that was undervalued by $25,000.
Required:
Prepare all the journal entries (other than closing entries) on the books of Pam during 2016 to account for the investment in Sun?
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...