On March 1, 2016, Carlson Enterprises purchases a 100% interest in Entro Corporation for $400,000. Entro Corporation has the following balance sheet on February 28, 2015:

Carlson Enterprises receives an independent appraisal on the fair values of Entro 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. . . . . . . . . . . . . . . . . . . . . . . 40,500
Building. . . . . . . . . . . . . . . . . . . . 202,500
Equipment . . . . . . . . . . . . . . . . . . 162,000
Current liabilities . . . . . . . . . . . . . 50,000
Bonds payable . . . . . . . . . . . . . . 95,000
Rqeuired
1. Record the investment in Entro Corporation.
2. Prepare the value analysis 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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Entro Corporation Balance Sheet February 28, 2015 Assets .. Assets Liabilities and Equity 60,000 Current liabilities.... $50,000 100,000 Accounts receivable 80,000 Bonds payable Liabiliies and Equity 40,000 Common stock($5 par) Land Buildings Accumulated depreciation- building 300,000 Paidin capital in excess of par 120,000 Retained earnings 50,000 250,000 70,000 Accumulated depreciation-equipment 60,000 Total assets ..$520,000 To biities and equity $520,000