APTER 11 E E 11-9 Journal entries for push-down accounting On January 1, 2016, Pam Corporation acquired a 90 percent interest in Sun Corporation for $1.260,000. The book values and fair values of Sun's assets and equities on this date are as follows (in thousands - Book Value $ 100 150 Cash Accounts receivable net Inventories Land Buildings-net Equipment-net 250 150 350 Fair Value $ 100 150 300 400 500 300 $1,750 $ 275 275 Accounts payable Other liabilities Capital stock Retained earnings 400 $1,400 $ 275 225 500 400 $1,400 REQUIRED 1. Prepare the journal entries on Sun Corporation's books to push down the values reflected in the acquisition price under parent-company theory. 2. Prepare the journal entries on Sun Corporation's books to push down the values reflected in the acquisition price under entity theory