On March 1, 2015, Collier Enterprises purchases a 100% interest in Robby Corporation for $480,000 cash. Robby Corporation applies push-down accounting principles to account for this acquisition.
Robby Corporation has the following balance sheet on February 28, 2015:

Collier Enterprises receives an independent appraisal on the fair values of Robby 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. . . . . . . . . . . . . . . . . . . . . . . 55,000
Buildings . . . . . . . . . . . . . . . . . . . 200,000
Equipment . . . . . . . . . . . . . . . . . . 150,000
Current liabilities . . . . . . . . . . . . . 50,000
Bonds payable . . . . . . . . . . . . . . 98,000
Required
1. Record the investment in Robby Corporation.
2. Prepare the value analysis schedule and the determination and distribution of excess schedule.
3. Give Robby Corporation€™s adjusting entry.

Robby Corporation Sheet Ba February 28, 2015 Assets Liabilities and Equity Inventory Land Buildings 80,000 40,000 Bonds payable Common stock ($5) 100,000 50,000 250,000 -.70,000 300,000 Paid-in capital in excess of par 220,000 Accumulated depreciation-equipment 60,000) Equipment Total assets $520,000 Total liabilities and equity$520,000