Complete a consolidated worksheet for purnell corporation

80% purchase, bargain, several adjustments, worksheet. Use the preceding information for Purnell's purchase of Sentinel common stock. Assume Purnell exchanges 10,000 shares of its own stock for 80% of the common stock of Sentinel. The stock has a market value of $50 per share and a par value of $1. Purnell has the following trial balance immediately after the purchase:

Purnell Corporation Trial Balance December 31, 20X1

Cash

20,000

Accounts Receivable

300,000

Inventory

410,000

Investment in Sentinel

500,000

Land

800,000

Buildings

2,800,000

Accumulated Depreciation

(500,000)

Equipment

600,000

Accumulated Depreciation

(230,000)

Current Liabilities

(150,000)

Bonds Payable

(300,000)

Common Stock ($1 par)

(83,000)

Paid-In Capital in Excess of Par

(3,067,000)

Retained Earnings

(1,100,000)

Total

0

Required

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

2. Complete a consolidated worksheet for Purnell Corporation and its subsidiary Sentinel Corporation as of December 31, 20X1.

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Financial Accounting: Complete a consolidated worksheet for purnell corporation
Reference No:- TGS01259684
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