80% purchase, goodwill, consolidated balance sheet. Using the data given in Problem 2-1, assume that Roland Company exchanged 14,000 of its $45 fair value ($1 par value) shares for 16,000 of the...

80% purchase, goodwill, consolidated balance sheet. Using the data given in Problem 2-1, assume that Roland Company exchanged 14,000 of its $45 fair value ($1 par value) shares for 16,000 of the outstanding shares of Downes Company.

1. Record the investment in Downes Company and any other purchase-related entry.

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

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