At December 31, 2018, Pine Co. owned 80% of the common stock of Sandy Co. At that date, Sandy' stockholders' equity accounts had the following balances:

Common Stock ($5 par)............................. $ 250,000

Additional paid-in capital.............................. 110,000

Retained Earnings...................................... 330 000

Total stockholders' equity......................... $ 690,000

The balance in Pine's account, Investment in Sandys, was $552,000 (80% of $690,000).

On January 1, 2019, Sandys sold 10,000 shares of previously unissued common stock for $15 per share.Pine did not purchase any of these newly-issued shares.

Required:

Prepare the journal entry that Pine must make to recognize the impact of this transaction.