Question: Problem 2-2 (LO 4, 5, 6, 7, 8) 80% purchase, goodwill, consolidated balance sheet. Using the data given in Problem 2-1, assume that Rose Company

Problem 2-2 (LO 4, 5, 6, 7, 8) 80% purchase, goodwill, consolidated balance sheet.

Using the data given in Problem 2-1, assume that Rose Company exchanged 18,000 of its $35 fair value ($10 par value) shares for 16,000 of the outstanding shares of Daisy Company.

1. Record the investment in Daisy Company and any other entry necessitated by the purchase.

2. Prepare a determination and distribution of excess schedule.

3. Prepare a consolidated balance sheet for July 1, 20X6, immediately subsequent to the purchase.

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