March 1, 2015, Carlson Enterprises purchases a 100% interest in Entro Corporation for $400,000. Entro Corporation has the following balance sheet on February 28, 2015:Carlson Enterprises receives an...

March 1, 2015, Carlson Enterprises purchases a 100% interest in Entro Corporation for $400,000. Entro Corporation has the following balance sheet on February 28, 2015: Carlson Enterprises receives an independent appraisal on the fair values of Entro Corporation’s assets and liabilities. The controller has reviewed the following figures and accepts them as reasonable: Accounts receivable……………………….$ 60,000 Inventory…………………………………..100,000 Land…………………………………………40,500 Building……………………………………202,500 Equipment…………………………………162,000 Current liabilities……………………………50,000 Bonds payable……………………………..95,000 Required 1. Record the investment in Entro Corporation. 2. Prepare the value analysis 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. View Solution:

March 1 2015 Carlson Enterprises purchases a 100 interest in