100% purchase, goodwill, consolidated balance sheet. On July 1, 2016, Roland Company exchanged 18,000 of its $45 fair value ($1 par value) shares for all the outstanding shares of Downes Company....

100% purchase, goodwill, consolidated balance sheet. On July 1, 2016, Roland Company exchanged 18,000 of its $45 fair value ($1 par value) shares for all the outstanding shares of Downes Company. Roland paid acquisition costs of $40,000. The two companies had the following balance sheets on July 1, 2016:

1. Record the investment in Downes Company and any other entry necessitated by the purchase.

2. Prepare the value analysis and the determination and distribution of excess schedule.

3. Prepare a consolidated balance sheet for July 1, 2016, immediately subsequent to the purchase.