On Jan 1, 2015, Petunia Corp purchased an 70% interest in the common stock of Sunflower Corp. for $350,000.00 Sunflower had the following Balance Sheet on the date of acquisition:

Sunflower Corporation

Balance Sheet

Jan 1, 2015

Assets: Liabilities & Equity

Accounts Receivable $40,000. Accounts Payable $42,297

Inventory 20,000. Bonds Payable $100,000

Land 35,000 Discount on BP (2,297)

Buildings 250,000. Common Stk ($10 par) $10,000

Accumulated Depreciation (50,000) Paid in Capital $90,000

Equipment $120,000 Retained Earnings $115,000.

Accumulated Depreciation (60,000)

Total $355,000 Total $355,000

FMV Information:

Inventory FMV =$30,000

Buildings FMV =$225,000 10 years remaining

Equipment FMV =$75,000 5 years remaining

Petunia and Sunflower had the following Trial Balances on Dec 31, 2017

Petunia Sunflower

Cash $360,070 $92,032

Inventory 350,000 75,000

Investment in Sub 381,270 0

Buildings 500,775 250,000

Accumulated Depreciation ($300,000) ($70,000)

Equipment 200,000 120,000

Accumulated Depreciation (100,000) (84,000)

Accounts Payable (55,000) (25,000)

Bonds Payable 0 (100,000)

Discount on Bonds Payable 0 1,640

Common Stock (100,000) (10,000)

Paid-in Capital (500,000) (90,000)

Retained Earnings (397,000) (145,000)

Sales (700,000) (220,000)

Cost of Goods Sold 210,000 120,000

Depreciation Expense-Buildings 30,000 10,000

Depreciation Expense-Equipment 15,000 12,000

Other Expenses 102,155 53,328

SUB Income (17,270) 0

Dividends Declared 20,000 10,000

Total -0- -0-

Prepare the worksheet necessary to produce the Consolidated Financial Statements for Petunia and Sunflower for the year ended Dec 31, 2017. Include the Determination and Distribution of Excess Schedule.