refer to the preceding information for fast cool acquisition of fast air common stock

Required
1. Prepare a value analysis and a determination and distribution of excess schedule for the investment in Fast Air.
2. Complete a consolidated worksheet for Fast Cool Company and its subsidiary Fast Air Company as of December 31, 2011. Prepare supporting amortization and income distribution schedules.
Fast Cool Company and Fast Air Company are both manufacturers of air conditioning equipment. On January 1, 2011, Fast Cool acquires the common stock of Fast Air by exchanging its own $1 par, $20 fair value common stock. On the date of acquisition, Fast Air has the following balance sheet: