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P3-9 Consolidated balance sheet workpapers (excess allocated to equipment and goodwill) Pam Corporation purchased 90 percent of Sun Corporation's outstanding stock for $14,400,000 cash on January 1, 2016, when Sun's stockholders' equity consisted of $8,000,000 capital stock and $2,800,000 retained earnings. The excess was allocated $3,200,000 to undervalued equipment with an eight-year remaining useful life and $2,000,000 to goodwill. Sun's net income and dividends for 2016 were $2,000,000 and $800.000, respectively. Comparative balance sheet data for Pam and Sun Corporations at December 31, 2016, are as follows (in thousands): Sun $ 800 1,600 Cash Receivables--net Dividends receivable Inventory Land Buildings--net Equipment--net Investment in Sun Pam $ 1,200 2,400 360 2,800 2,400 8,000 6,000 15.120 $38.280 $ 1,200 2,000 28,000 7,080 $38,280 2,400 2,800 4.000 3,200 Accounts payable Dividends payable Capital stock Retained earnings $14,800 $ 2.400 400 8,000 4,000 $14.800 REQUIRED Prepare consolidated balance sheet workpapers for Pam Corporation and Subsidiary on Decem- ber 31, 2016