The Paris Company purchased an 80% interest in Seine, Inc. for $600,000 on July 1, 2016, when Seine had the following balance sheet:

Assets
Accounts receivable	$ 50,000
Inventory	120,000
Land	80,000
Building	270,000
Equipment	80,000
Total	$600,000
Liabilities and Equity
Current liabilities	$100,000
Common stock, $5 par	50,000
Paid-in capital in excess of par	150,000
Retained earnings (July 1)	300,000
Total	$600,000

The inventory is understated by $20,000 and is sold in the third quarter of 2016. The building has a fair value of $320,000 and a 10-year remaining life. The equipment has a fair value of $120,000 and a remaining life of 5 years. Any remaining excess is attributed to goodwill.

From July 1 through December 31, 2016, Seine had net income of $100,000 and paid $10,000 in dividends.

Assume that Paris uses the cost method to record its investment in Seine.

Required:

a.	Prepare a determination and distribution of excess schedule as of July 1, 2016.
b.	Prepare the eliminations and adjustments that would be made on the December 31, 2016, consolidated worksheet to eliminate the investment in Seine. Distribute and amortize any excess.