refer to the preceding facts for postman acquisition of 80 of spartan common stock and the bond transactions/
Required
Prepare the worksheet necessary to produce the consolidated financial statements for Postman Company and its subsidiary Spartan Company for the year ended December 31, 2015. Include the determination and distribution of excess and income distribution schedules.
On January 1, 2014, Postman Company acquired Spartan Company. Postman paid $400,000 for 80% of Spartan’s common stock. On the date of acquisition, Spartan had the following balance sheet:
