refer to the preceding facts for purple acquisition of salmon common stock on january 1 2013 salmon held merchandise sold to it from purple for 12000/

Required
1. Prepare a value analysis and a determination and distribution of excess schedule for the investment in Salmon.
2. Complete a consolidated worksheet for Purple Company and its subsidiary Salmon Company as of December 31, 2013. Prepare supporting amortization and income distribution schedules.
On January 1, 2011, Purple Company acquired Salmon Company. Purple paid $300,000 for 80% of Salmon common stock. On the date of acquisition, Salmon had the following balance sheet: