Dickinson Corporation is considering the acquisition of Williston Company through the acquisition of Willistons common stock. Dickinson Corporation will issue 15,000 shares of its $5 par common stock, with a fair value of $30 per share, in exchange for all 10,000 outstanding shares of Williston Companys voting common stock. The acquisition meets the criteria for a tax-free exchange as to the seller. Because of this, Dickinson Corporation will be limited for future tax returns to the book value of the depreciable assets. Dickinson Corporation falls into the 30% tax bracket. The appraisal of the assets of Williston Company shows that the inventory has a fair value of $120,000, and the depreciable fixed assets have a fair value of $250,000 and a 10-year life. Any remaining excess is attributed to goodwill. Williston Company has the following balance sheet just before the acquisition: Williston Company Balance Sheet December 31, 2016

Assets Liabilities & Equities Cash $ 40,000

Current Liabilities $ 50,000

Accounts Receivable 150,000

Bonds Payable 100,000

Inventory 100,000

Common Stock ($10 par) 100,000

Depreciable Assets 210,000

Retained Earnings 250,000

Required: a. Prepare a value analysis and a determination and distribution of excess schedule. b. Prepare the elimination entries that would be made on the consolidated worksheet on the date of acquisition.