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Problem 4-3 (102) 70%, equity, beginning and ending inventory, subsidia seller. Refer to the preceding facts for Packard's acquisition of Stude common stock. Onl uary 1, 2016, Packard held merchandise acquired from Stude for $10,000. This begintos inventory had an applicable gross profit of 25%. During 2016, Stude sold $40,000 worth. merchandise to Packard. Packard held $6,000 of this merchandise at December 31, 2016. TH ending inventory had an applicable gross profit of 30%. Packard owed Stude $11,000 on December 31 as a result of these intercompany sales. ry 1. Prepare a value analysis and a determination and distribution of excess schedule for the investment in Stude. 2. Complete a consolidated worksheet for Packard Corporation and its subsidiary Stude Corporation as of December 31, 2016. Prepare supporting amortization and incomt distribution schedules. Problem 4-3 (102) 70%, equity, beginning and ending inventory, subsidia seller. Refer to the preceding facts for Packard's acquisition of Stude common stock. Onl uary 1, 2016, Packard held merchandise acquired from Stude for $10,000. This begintos inventory had an applicable gross profit of 25%. During 2016, Stude sold $40,000 worth. merchandise to Packard. Packard held $6,000 of this merchandise at December 31, 2016. TH ending inventory had an applicable gross profit of 30%. Packard owed Stude $11,000 on December 31 as a result of these intercompany sales. ry 1. Prepare a value analysis and a determination and distribution of excess schedule for the investment in Stude. 2. Complete a consolidated worksheet for Packard Corporation and its subsidiary Stude Corporation as of December 31, 2016. Prepare supporting amortization and incomt distribution schedules