80% purchase, bargain, elimination entries only. On March 1, 2015, Penson Enterprises purchases an 80% interest in Express Corporation for $320,000 cash. Express Corporation has the following balance...

80% purchase, bargain, elimination entries only. On March 1, 2015, Penson Enterprises purchases an 80% interest in Express Corporation for $320,000 cash. Express Corporation has the following balance sheet on February 28, 2015:

Penson Enterprises receives an independent appraisal on the fair values of Express Corporation’s assets and liabilities. The controller has reviewed the following figures and accepts them as reasonable:

1. Record the investment in Express Corporation.

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

3. Prepare the elimination entries that would be made on a consolidated worksheet prepared on the date of acquisition.