Exercise $5($LO $5,6)$ Purchase with a gain. Libra Company is purchasing $100\%$ of the

outstanding stock of Genall Company for $$700,000.$ Genall has the following balance sheet on

the date of acquisition:

Appraisals indicate that the following fair values for the assets and liabilities should be

acknowledged:

Prepare the value analysis schedule and the determination and distribution of excess schedule.

Prepare the elimination entries that would be made on a consolidated worksheet prepared

on the date of purchase.