Acquisition during the year, elimination entries, income statement. Kraus Company has the following balance sheet on July 1, 2016: 1. Prepare a determination and distribution of excess schedule for...

Acquisition during the year, elimination entries, income statement. Kraus Company has the following balance sheet on July 1, 2016:

1. Prepare a determination and distribution of excess schedule for the investment (a value analysis is not needed).

2. Prepare all the eliminations and adjustments that would be made on the December 31, 2016, consolidated worksheet.

3. Prepare the 2016 consolidated income statement and its related income distribution schedules.