80%, second year, equity method, complicated excess Refer to the preceding information for Fast Cools acquisition of Fast Airs common stock. Assume Fast Cool issues 35,000 shares of its $20 fair value common stock for 80% of Fast Airs common stock. Fast Cool uses the simple equity method to account for its investment in Fast Air. Fast Cool and Fast Air have the following trial balances on December 31, 2012:

1. Prepare a value analysis and a determination and distribution of excess schedule for the investment in Fast Air.

2. Complete a consolidated worksheet for Fast Cool Company and its subsidiary Fast Air Company as of December 31, 2012. Prepare supporting amortization and income distribution schedules.

Use the following information for Problems 3-14 through 3-18: Fast Cool Company and Fast Air Company are both manufacturers of air conditioning equipment. On January 1, 2011, Fast Cool acquires the common stock of Fast Air by exchanging its own $1 par, $20 fair value common stock. On the date of acquisition, Fast Air has the following balance sheet: Fast Air Company Balance Sheet Fast Cool requests that an appraisal be done to determine whether the book value of Fast Air's net assets reflect their fair values. The appraiser determines that several intangible assets exist, although they are unrecorded. If the intangible assets do not have an observable market, the appraiser estimates their value. The appraiser determines the following fair values and estimates: Use the following information for Problems 3-14 through 3-18: Fast Cool Company and Fast Air Company are both manufacturers of air conditioning equipment. On January 1, 2011, Fast Cool acquires the common stock of Fast Air by exchanging its own $1 par, $20 fair value common stock. On the date of acquisition, Fast Air has the following balance sheet: Fast Air Company Balance Sheet Fast Cool requests that an appraisal be done to determine whether the book value of Fast Air's net assets reflect their fair values. The appraiser determines that several intangible assets exist, although they are unrecorded. If the intangible assets do not have an observable market, the appraiser estimates their value. The appraiser determines the following fair values and estimates