P2-4 Journal entries for midyear Investment (excess allocated to land, equipment, and goodwill) Pam Corporation paid $190,000 for 40 percent of Sun Corporation's outstanding voting common stock 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 Corporation during 2016 to account for the investment in Sun.