80% purchase, goodwill, worksheet. Use the preceding information for Palto’s purchase of Saleen common stock. Assume Palto purchases 80% of the Saleen common stock for $400,000 cash. The shares of the...

80% purchase, goodwill, worksheet. Use the preceding information for Palto’s purchase of Saleen common stock. Assume Palto purchases 80% of the Saleen common stock for $400,000 cash. The shares of the noncontrolling interest have a fair value of $46 each. 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.