Problem 7-1 (LO 2) Worksheet, blocks, control with first block. The following determination and distribution of excess schedule was prepared on January 1, 20X2, the date on which Parish Company purchased a 60% interest in Sharper Company:

Price paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,000 Less interest acquired:

Common stock ($10 par) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 75,000 Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $135,000 Interest acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60% 81,000 Excess of cost over book value attributable to equipment

(10-year life) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 59,00