Thanks in advance for your help. Please provide ledger entries and details in the workpapers. Thank you.

P 5-5 Workpapers (100 percent owned, downstream sales, year after acquisition) Pam Corporation acquired 100 percent of Sun Corporation's outstanding voting common stock on J anu ary 1, 2016, for $660,000 cash. Sun's stockholders\" equity on this date consisted of $300,000 capital stock and $300,000 retained earnings. The difference between the price paid by Pam and the underlying equity acquired in Sun was allocated $30,000 to Sun's undervalued inventory and the remainder to patents with a veyear writeoff period. The undervalued inventory items were sold by Sun during 2016. Pam made sales of $100,000 to Sun at a gross prot of $40,000 during 2016; during 2017, Pam made sales of $120,000 to Sun at a gross prot of $48,000. Onehalf the 2016 sales were inventoried by Sun at yearend 2016, and onefourth the 2017 sales were inventoried by Sun at yearend 2017. Sun owed Pam $17,000 on account at December 31, 2017. The separate nancial statements of Pam and Sun Corporations at and for the year ended December 31, 2017, are summarized as follows (in thousands): Pop Son Combined Income and Retained Earnings Statements for the Year Ended December 31, 2017 Sales 513 800 $400 Income from Sun 102 7 Cost of sales (400) (200) Depreciation expense (1 10) (40) Other expenses (192) (60) Net income 200 W Beginning retained earnings 600 380 Less: Dividends (100) Q) Retained earnings December 31, 2017 $ 700 w Balance Sheet at December 31, 2017 Cash 515 54 $ 37 Receivablesnet 90 60 Inventories 100 80 Other assets 70 90 Land 50 50 Buildingsnet 200 150 Equipmentnet 500 400 Investment in Sun 736 _ Total assets $1,800 $8 Accounts payable 5}; 160 $ 47 Other liabilities 340 90 Common stock, $10 par 600 300 Retained earnings 700 E Total equities $1,800 $8 H E Q U 1 R E D I Prepare workpapers to consolidate the nancial statements of Pam Corporation and Subsidiary at and for the year ended December 31, 2017