100% purchase, goodwill, push-down accounting. On March 1, 2015, Collier Enterprises...

100% purchase, goodwill, push-down accounting. On March 1, 2015, Collier Enterprises purchases a 100% interest in Robby Corporation for $480,000 cash. Robby Corporation applies push-down accounting principles to account for this acquisition.

Robby Corporation has the following balance sheet on February 28, 2015:

1. Record the investment in Robby Corporation.

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

3. Give Robby Corporation’s adjusting entry.