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. Investmento P- 1,500,000 for 3040 Book Value Cash Account Receivable Inventories (Sold in 2016) Other current assets Land Buildings net (15 year remaining life) Equipment net (10 year remaining life) Total assets Account payable Other current liabilities Bonds payable due january 1 2021 Capital stock 10 Retained earnings 400 700 1000 200 900 1500 1100 5800 800 100 1000 3000 900 5800 Fair Value 400 700 1300 200 1600 2000 500 6700 800 200 1100 Son Corporation reported net income of $1,200,000 for 2016 and paid dividends of $600,000. Required Prepare a schedule to allocate the investment fair values/book value differentials relating to Pop's investment in Son. Calculate Pop's income from Son for 2016. Determine the balance of Pop's Investment in Son account at December 31, 2016.

Prepare all the journal entries (otheg than closing entries) on the book of Pam Corporation during 2016 to account for the investment in Sism Son Corporation seported net income of $1,200,000 for 2016 and paid dividends of $600,000. Required Prepare a schedule to allocate the investment fair values/book value differentials relating to Pop's investment in Son. Calculate Pop's income from Son for 2016. Determine the balance of Pop's Investment in Son account at December 31, 2016