Use the preceding information for Paltos purchase of Saleen common stock. Assume Palto purchases 100% of the Saleen common stock for $500,000 cash. Palto has the following balance sheet immediately after the purchase:

Assets

Cash $61,000

Accounts Receivable $65,000

Inventory $80,000

Investment in Saleen $500,000

Land $100,000

Buildings $250,000

Accumulated Depr-Bldgs ($80,000)

Equipment $90,000

Accumulated Depr-Equip ($40,000)

Total Assets $1,026,000

Liabilities and Equity

Current Liabilities $80,000

Bonds Payable $200,000

Common Stock ($1 par) $20,000

Paid-in capital in excess of par $180,000

Retained Earnings $546,000

Total Liabilities & Equity $1,026,000

1.Prepare the value analysis schedule and the determination and distribution of excess schedule for the investment in Saleen.

2.Complete a consolidated worksheet for Palto Company and its subsidiary Saleen Company as of January 1, 2011.

Please Show all work/calculations.