On March 1, 2015, Penson Enterprises purchases an 80% interest in Express Corporation for $320,000 cash. Express Corporation has the following balance sheet on February 28, 2015:

Penson Enterprises receives an independent appraisal on the fair values of Express Corporation€™s assets and liabilities. The controller has reviewed the following figures and accepts them as reasonable:
Accounts receivable . . . . . . . . . . $ 60,000
Inventory . . . . . . . . . . . . . . . . . . . 100,000
Land. . . . . . . . . . . . . . . . . . . . . . . 50,000
Buildings . . . . . . . . . . . . . . . . . . . 200,000
Equipment . . . . . . . . . . . . . . . . . . 162,000
Current liabilities . . . . . . . . . . . . . 50,000
Bonds payable . . . . . . . . . . . . . . 95,000
Required
1. Record the investment in Express Corporation.
2. Prepare the value analysis schedule and the determination and distribution of excess schedule.
3. Prepare the elimination entries that would be made on a consolidated worksheet prepared on the date of acquisition.

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Express Corporahon Balance Sheet February 28, 2015 Assets Liabilities and Equity 串60,000 Current liabilities Accounts receivable Inventory Land Buildings Accumulated depreciation-buildings120,000 Retained earnings Equipment Accumulated depreciation-equipment 60,000 $ 50,000 100,000 50,000 250,000 70,000 80,000 Bonds payable 40,000 Common stock ($10 par .300,000 Paid-in capital in excess of par 220,000 Total assets.. . .. . $ 520,000 Tol liabilities and equity$520,000