80%purchasewith a gain and preexisting goodwill. Venus Company purchases 8,000 shares of...

80%purchasewith a gain and preexisting goodwill. Venus Company purchases 8,000 shares of Sundown Company for $64 per share. Just prior to the purchase, Sundown Company has the following balance sheet:

Venus Company believes that the inventory has a fair value of $400,000 and that the property plant, and equipment is worth $500,000.

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 acquisition.