Using the data given in Problem assume that Raabe Company exchanged 14,000 of its $40 fair value ($1 par value) shares for 16,000 of the outstanding shares of Dalke Company.In Problem, July 1, 2016,...

Using the data given in Problem assume that Raabe Company exchanged 14,000 of its $40 fair value ($1 par value) shares for 16,000 of the outstanding shares of Dalke Company. In Problem, July 1, 2016, Raabe Company exchanged 18,000 of its $40 fair value ($1 par value) shares for all the outstanding shares of Dalke Company. Raabe paid acquisition costs of $40,000. The two companies had the following balance sheets on July 1, 2016: The following fair values applied to Dalke’s assets: Other current assets. . . . . . . . . . . $ 70,000 Inventory . . . . . . . . . . . . . . . . . . . 80,000 Land. . . . . . . . . . . . . . . . . . . . . . . 90,000 Building. . . . . . . . . . . . . . . . . . . . 150,000 Equipment . . . . . . . . . . . . . . . . . . 75,000 Required 1. Record the investment in Dalke 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. View Solution:

Using the data given in Problem assume that Raabe Company