July 1, 2016, Raabe Company exchanged 18,000 of its $40 fair value ($1 par value) shares for all the outstanding shares of Dalke Company. Raabe paid acquisition costs of $40,000. The two companies had the following balance sheets on July 1, 2016:

The following fair values applied to Dalke€™s assets:
Other current assets. . . . . . . . . . . $ 70,000
Inventory . . . . . . . . . . . . . . . . . . . 80,000
Land. . . . . . . . . . . . . . . . . . . . . . . 90,000
Building. . . . . . . . . . . . . . . . . . . . 150,000
Equipment . . . . . . . . . . . . . . . . . . 75,000
Required
1. Record the investment in Dalke Company and any other entry necessitated by the purchase.
2. Prepare the value analysis and the determination and distribution of excess schedule.
3. Prepare a consolidated balance sheet for July 1, 2016, immediately subsequent to the purchase.

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Assets Raabe Dalke $50,000 120,000 100,000 300,000 430,000 $1,000,000 70,000 60,000 40,000 120,000 110,000 $400,000 Other current assets... Building (ne Equipment (net Total assels. Liabilities and Equity 60,000 20,000 180,000 140,000 $400,000 Current liabilities $180,000 40,000 360,000 420,000 $1,000,000 Paid-in capital in excess of par Retained earnings Tolal liabilities and equity