80% purchase, bargain, purchase, worksheet. Use the preceding information for Palto’s purchase of Saleen common stock. Assume Palto purchases 80% of the Saleen common stock for $300,000 cash. Palto...

80% purchase, bargain, purchase, worksheet. Use the preceding information for Palto’s purchase of Saleen common stock. Assume Palto purchases 80% of the Saleen common stock for $300,000 cash. Palto has the following balance sheet immediately after the purchase:

1. Prepare the value analysis 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.