On December 31, 2013, Priority Company purchased 80% of the common stock of Subsidiary Company for $1, 550,000. On this date, Subsidiary had total owners' equity of $650,000 (common stock $100,000; other paid-in capital, $200,000; and retained earnings, $350,000). Any excess of cost over book value is due to the under or overvaluation of certain assets and liabilities. Assets and liabilities with differences in book and fair values are provided in the following table: Required: a. Using the information above and on the separate worksheet, prepare a schedule to determine and distribute the excess of cost over book value. b. Complete the Figure 3-1 worksheet for a consolidated balance sheet as of December 31, 2013