Boon Corporation purchased 1,600 shares of common stock in Doyle Company on January 1, 2018, for a price of $80,000.Boon Corporation purchased an additional 9% stake in Doyle company on January 1, 2019 for a per-share price of $60.Both of these investments were maintained as an available for sale investment in the books of Boon Corporation due to lack of significant influence.

On January 1, 2020, Boon Corporation purchases 8,800 additional shares of Doyle Company from existing shareholders for $466,400.Doyle Company had the following balance sheet just prior to Boon's second purchase:

AssetsLiabilities and Equity

Current assets....................$ 165,000Current Liabilities.............$15,000

Land..............................438,000Bonds Payable................50,000

Buildings (net)..................140,000Common stock ($6 par).....120,000

Equipment.....................100,000

Additional Paid in Capital....490,000

Copyrights.......................124,000

Retained earnings............292,000

Total assets............$967,000

Total liabilities and equity....$ 967,000

Boone Corporation believes that the assets and liabilities have the following fair values:

Current Assets

$ 140,000

Land

527,000

Buildings

140,000

Equipment

117,000

Copyrights

69,000

Current Liabilities

9,000

Bonds payable

59,000

The following additional information is available:

Doyle's customer list is estimated to produce additional income of $30,000 for six years.An intangible asset such as this is valued at a 14% rate of return.

Required:

1.Prepare the value analysis and the determination and distribution of excess schedule for thethird acquisitionon Jan. 1, 2020.

2.Record the investments made by Boon on January 1, 2018 and 2019, andany requiredadjustment of the prior interests.

3.Prepare the elimination entries that would be made on a consolidated worksheet prepared on the date of purchase.