Complete a consolidated worksheet for purnell corporation

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Reference no: EM13950405

80% purchase, bargain, several adjustments, worksheet. Use the preceding information for Purnell's purchase of Sentinel common stock. Assume Purnell exchanges 10,000 shares of its own stock for 80% of the common stock of Sentinel. The stock has a market value of $50 per share and a par value of $1. Purnell has the following trial balance immediately after the purchase:

Purnell Corporation Trial Balance December 31, 20X1
Cash	20,000
Accounts Receivable	300,000
Inventory	410,000
Investment in Sentinel	500,000
Land	800,000
Buildings	2,800,000
Accumulated Depreciation	(500,000)
Equipment	600,000
Accumulated Depreciation	(230,000)
Current Liabilities	(150,000)
Bonds Payable	(300,000)
Common Stock ($1 par)	(83,000)
Paid-In Capital in Excess of Par	(3,067,000)
Retained Earnings	(1,100,000)
Total	0

Required

1. Prepare the value analysis schedule and the determination and distribution of excess schedule for the investment in Sentinel.

2. Complete a consolidated worksheet for Purnell Corporation and its subsidiary Sentinel Corporation as of December 31, 20X1.

Reference no: EM13950405

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