Pam Corporation acquired its 90 percent interest in Sun Corporation at its book value of…

Pam Corporation acquired its 90 percent interest in Sun Corporation at its book value of $3,600,000 on January 1, 2016, when Sun had capital stock of $3,000,000 and retained earnings of $1,000,000. The December 31, 2016 and 2017, inventories of Pam included merchandise acquired from Sun of $300,000 and $400,000, respectively. Sun realizes a gross profit of 40 percent on all merchandise sold. During 2016 and 2017, sales by Sun to Pam were $600,000 and $800,000, respectively. Summary adjusted trial balances for Pam and Sun at December 31, 2017, follow (in thousands): Pam Sun Cash $ 1,000 $ 200 Receivables—net 2,000 500 Inventories 2,400 1,000 Plant assets—net 2,500 4,800 Investment in Sun—90% 4,356 — Cost of sales 8,000 3,900 Other expenses 3,400 1,600 Dividends 1,000 500 $24,656 $ 12,500 Pam Sun Accounts payable $ 1,500 $ 900 Other liabilities 600 600 Capital stock, $10 par 5,000 3,000 Retained earnings 3,692 1,500 Sales 13,000 6,500 Income from Sun 864 — $24,656 $12,500 REQuIRED: Prepare a combined consolidated income and retained earnings statement for Pam Corporation and Subsidiary for the year ended December 31, 2017

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