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E2-12 Journal entries (investmont in proviously unissued stock) The stockholders equity of Sun Corporation at December 31, 2016, was $380.00. consisting of the tollowing in thousands) Capital stock. $10 par (24,000 shares outstanding Additional paid-in capital Retained earnings $240 60 80 $380 Total stockholders equity On January 1, 2017, Sun Corporation, which was in a tight working capital position, sold 12.000 shares of previously unissued stock to Pam Corporation for $250,000. All of Suns identifiable assets and liabilities were recorded at fair values on this date except for a building with a 10-year remaining useful life that was undervalued by $60,000. During 2017, Sun Corporation reported net income of $120,000 and paid dividends of $90,000. REQUİ R E D : Prepare all yournal entries necessary for Pam Corporation to accourt for its investment in Sun for 2017
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