Pam Corporation paid $170,000 for an 80 percent interest in Sun Corporation on December 31, 2016,…

Pam Corporation paid $170,000 for an 80 percent interest in Sun Corporation on December 31, 2016, when Sun’s stockholders’ equity consisted of $100,000 capital stock and $50,000 retained earnings. A summary of the changes in Pam’s Investment in Sun account from December 31, 2016, to December 31, 2020, follows (in thousands): Investment cost December 31, 2016 $170 Increases 80% of Sun’s net income 2017 through 2020 112 282 Decreases 80% of Sun’s dividends 2017 through 2020 $56 80% of Amortization of excess fair value over book value: Assigned to inventories, $8,750 (sold in 2017) 7 Assigned to plant assets, $22,500 (depreciated over a nine-year period) 2017 through 2020 8 Assigned to patents, $31,250 (amortized over a five-year period) 2017 through 2020 20 91 Investment balance December 31, 2020 $191Financial statements for Pam and Sun at and for the year ended December 31, 2020, are summarized as follows (in thousands): Pam Sun Combined Income and Retained Earnings Statements for the Year Ended December 31 Sales $300 $200 Income from Sun 25 — Cost of sales (180) (140) Other expenses (50) (20) Net income 95 40 Add: Retained earnings January 1 255 100 Deduct: Dividends (50) (20) Retained earnings December 31 $300 $120 Balance Sheet at December 31 Cash $ 41 $ 35 Trade receivables—net 60 55 Dividends receivable 8 — Advance to Sun 25 — Inventories 125 35 Plant assets—net 300 175 Investment in Sun 191 — Total assets $750 $300 Accounts payable $ 50 $ 45 Dividends payable — 10 Advance from Pam — 25 Capital stock 400 100 Retained earnings 300 120 Total equities $750 $300 ADDITIONAL INFORMATION 1. The accounts payable of Sun at December 31, 2020, include $5,000 owed to Pam. 2. Pam advanced $25,000 to Sun during 2018. This advance is still outstanding. 3. Half of Sun’s 2020 dividends will be paid in January 2021. REQuIRED: Prepare workpapers to consolidate the balance sheets only of Pam and Sun Corporations at December 31, 2020

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