Problem 2-11 (LO 4, 5, 6, 7, 9) 100% purchase, goodwill, several adjustments, worksheet. Use the preceding information for Purnell’s purchase of Soma common stock. Assume Purnell exchanged 24,000 shares of its own stock for 100% of the common stock of Soma. The stock had a market value of $50 per share and a par value of $1. Purnell had the following trial balance immediately after the purchase:

1. Prepare a zone analysis and a determination and distribution of excess schedule for the investment in Soma.
2. Complete a consolidated worksheet for Purnell Company and its subsidiary Soma Company as of December 31, 20X1.