100% purchase, bargain, worksheet. Use the preceding information for Palto’s purchase of Saleen common stock. Assume Palto purchases 100% of the Saleen common stock for $400,000 cash. Palto has the...

100% purchase, bargain, worksheet. Use the preceding information for Palto’s purchase of Saleen common stock. Assume Palto purchases 100% of the Saleen common stock for $400,000 cash. Palto has the following balance sheet immediately after the purchase:

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

2. Complete a consolidated worksheet for Palto Company and its subsidiary Saleen Company as of January 1, 2015.