Paradise is the parent company and purchases a stake in Summit, the subsidiary. Paradise pays $720,000 for a 60% interest in Summit at a point when the total book value of Summit is $1,050,000. Summit has land with a fair market value that is $8,000 higher than its book value. Summit also has buildings, with a remaining five-year life, with market values $60,000 higher than book values and inventory valued on the books $40,000 lower than fair market value. Summit's equipment, with a remaining three-year life, has a book that is $3,000 higher than market value. 

Required: 

Complete the consolidation worksheet and the required consolidation entries. This submission is to be done in excel.
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