Quail Company purchases 80% of the common stock of Commo Company for $800,000. At the time of the purchase, Commo has the following balance sheet:

The fair values of assets are as follows:
Cash equivalents. . . . . . . . . . . . . . . . . . $120,000
Inventory . . . . . . . . . . . . . . . . . . . . . . . . 250,000
Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000
Building. . . . . . . . . . . . . . . . . . . . . . . . . 650,000
Equipment . . . . . . . . . . . . . . . . . . . . . . . 200,000
1. Prepare the value analysis schedule and the determination and distribution of excess schedule under three alternatives for valuing the NCI:
a. The value of the NCI is implied by the price paid by the parent for the controlling interest.
b. The market value of the shares held by the NCI is $45 per share.
c. The international accounting option, which does not allow goodwill to be recorded as part of the NCI, is used.
2. Prepare the elimination entries that would be made on a consolidated worksheet prepared on the date of purchase under the three alternatives for valuing the NCI:
a. The value of the NCI is implied by the price paid by the parent for the controlling interest.
b. The market value of the shares held by the NCI is $45 per share.
c. The international accounting option, which does not allow goodwill to be recorded as part of the NCI, is used.

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Assets Liabilities and Equity Cash equivalents Inventory.. Land. 200,000 Bonds payable 100,000 Common stock ($5 par 450,000 Paid-in capital in excess of par 230,000 Retained earnings. $ 200,000 400,000 100,000 150,000 250,000 Building (net) Equipment (net)