Purchase with a gain. Libra Company is purchasing 100% of the outstanding stock of Genal...

Purchase with a gain. Libra Company is purchasing 100% of the outstanding stock of Genall Company for $700,000. Genall has the following balance sheet on the date of acquisition:

1. Prepare the value analysis schedule and the determination and distribution of excess schedule.

2. Prepare the elimination entries that would be made on a consolidated worksheet prepared on the date of purchase.