Purnell coporation exchanged 16,000 shares of its own stock for 100% of the common stock of Sentinel, The stock has a market value of $50 per share. Please complete the worksheets below Common Information Ownership Interest Price Paid 60. 4 Number of Cash 800,000 Shares Market Price per Share Total 16,000 50 0.0 Acquired Company's Balance Sheet Before Purchase Book Value Market Value Assets Accounts Receivable 50,000 50,000 Liabilities Current Lia Inventory 120,000 100,000 Book Value Market Value 90,000 Bonds Pay 200,000 90,000 210,000 Land 100,000 200,000 Buildings 300,000 400,000 Accumulated Depreciation-B (100,000) Equipment 140,000 200,000 Accumulated Depreciation-E (50,000) Equity Patent 10,000 150,000 Common E 10,000 Goodwill 60,000 APIC 190,000 Computer Software 50,000 Retained E 140,000 Goodwill Total Assets Total Liabilities and 630,000 1,150,000 Equity 630,000 300,000 Value Analysis Price Paid Fair Value of Net Assets Excluding Goodwill Goodwill Gain on Acquisition Determination and Distribution of Excess Schedule Fair Value of Subsidiary Less Book Value of Interest Acquired Common Stock Paid in Excess Retained Earnings Total Equity Interest Acquired Book Value Excess of Cost over Book Value Accounts Adjusted Goodwill Gain on Acquisition Total Company Implied Fair Value 800,000 Parent Price NCI Value 800,0 Company Value Parent Price NCI 0 Worksheet Distribution Mar Val Consolidated Worksheet Balance sheet Eliminations NCE Pumell Sentinel Key Dr Key Cr Cash Accounts receivable 20,000 300,000 50,000 inventory 410,000 120,000 Investment in Subsidiary 800,000 Land 800,000 100,000 Buildings 2,800,000 300,000 Accumulated depreciation (500,000) (100,000) Equipment 600,000 140,000 Accumulated depreciation (230,000) (50,000) Patent 10,000 Computer software Goodwill 60,000 Current liabilities (150,000) (90,000) Bonds payable Premium on bonds payable Common stock-Sentinel Paid-in excess-Sentinel (300,000) (200,000) (10,000) (190,000) Retained earnings-Sentinel (140,000) Common stock - Purnell Paid-in excess-Purnell (89,000) (3,361,000) Retained eamings- Purnell (1,100,000) Totals NCI Totals Eliminations and Adjustments Consol Bal Sht