On January 1, 2011, Packard Corporation acquired 70% of the common stock of 5 zus. Corporation for $400,000. On this date, Stude had the following balance sheet: Buildings, which have a 20 -year life, were understated by $150,000. Equipment which has a 5-year life, was understated by $60,000. The 3,000NCI shares had a t. value of $50 each. Any remaining excess was considered to be goodwill. Packard used the simple equity method to account for its investment in Stude. Packard and Stude had the following trial balances on December 31, 2012: Refer to the preceding facts for Packard's acquisition of Stude common stock. On . any 1, 2012, Packard held merchandise acquired from Stude for $10,000. This beginning ..ventory had an applicable gross profit of 25%. During 2012, Stude sold $40,000 worth of meshandise to Packard. Packard held $6,000 of this merchandise at December 31 , 2012. This ending inventory had an applicable gross profit of 30%. Packard owed Stude $11,000 on December 31 as a result of this intercompany sale. On January 1, 2012, Stude held merchandise acquired from Packard for $20,000. This beginning inventory had an applicable gross profit of 40%. During 2012 , Packard sold $60,000 worth of merchandise to Stude. Stude held $30,000 of this merchandise at December 31,2012. This ending inventory had an applicable gross profit of 35%. Stude owed Packard $23,000 on December 31 as a result of this intercompany sale. 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, 2012. Prepare supporting amortization and income distribution schedules. On January 1, 2011, Packard Corporation acquired 70% of the common stock of 5 zus. Corporation for $400,000. On this date, Stude had the following balance sheet: Buildings, which have a 20 -year life, were understated by $150,000. Equipment which has a 5-year life, was understated by $60,000. The 3,000NCI shares had a t. value of $50 each. Any remaining excess was considered to be goodwill. Packard used the simple equity method to account for its investment in Stude. Packard and Stude had the following trial balances on December 31, 2012: Refer to the preceding facts for Packard's acquisition of Stude common stock. On . any 1, 2012, Packard held merchandise acquired from Stude for $10,000. This beginning ..ventory had an applicable gross profit of 25%. During 2012, Stude sold $40,000 worth of meshandise to Packard. Packard held $6,000 of this merchandise at December 31 , 2012. This ending inventory had an applicable gross profit of 30%. Packard owed Stude $11,000 on December 31 as a result of this intercompany sale. On January 1, 2012, Stude held merchandise acquired from Packard for $20,000. This beginning inventory had an applicable gross profit of 40%. During 2012 , Packard sold $60,000 worth of merchandise to Stude. Stude held $30,000 of this merchandise at December 31,2012. This ending inventory had an applicable gross profit of 35%. Stude owed Packard $23,000 on December 31 as a result of this intercompany sale. 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, 2012. Prepare supporting amortization and income distribution schedules