On January 1, 2016, the shareholders of Unknown Company request 6,000 Famous shares in exchange for all of their 5,000 shares. This is an exchange ratio of 1.2 to 1. The fair value of a share of Famous Company is $60. The acquisition occurs when the two companies have the following balance sheets:

Required
1. Prepare an appropriate value analysis and a determination and distribution of excess schedule.
2. Complete a consolidated worksheet for Unknown Company and its subsidiary, Famous Company, as of January 1, 2016.

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Unknown Company (he acquirer Balance Sheet December 31,2015 Assets Liabilities and Equity $ 10,000 Longterm liabilities $ 5,000 Current assets Building (net) 50,000 Common stock ($1 par) (5,000 shares 5,000 115,000 135,000 Equipment (net) 100,000 Paid-in capital in excess of par Retained earnings Total assets $260,000 Total liabilities and equity $260,000 Famous Company(the acquiree) Balance Sheet December 31,2015 Assets Book Value Fair Value Liabilities and Equity Book Value Fair Value 5,000 5,000 Long-term liabilities. 100,000 $ 10,000 $10,000 Currentassets Building (net) 200,000 Common stock ($ 1 par (4,000 shares 4,000 96,000 15,000 $125,000 Paid-in capital in excess of par Retained earnings. Equipment (net) 20,000 Total assets $125,000 $245,000 Total liabilities and equity