1 (7 points): On January 1, 2010. Petrel, Inc. purchased 70% of the outstanding voting common stock of Ocean, Inc., for $2,600,000. The book value of Ocean's net equity on that date was $3,100,000. Book values were equal to fair values except as follows: Assets & Liabilities Equipment Building Note payable Book Values Fair Values $250,000 $ 190,000 600,000 700,000 270,000 240,000 Required: Prepare a schedule to allocate any excess purchase cost to specific assets and liabilities