Need help with Problem 2-2 Listed below. You just need the information from 2-1 to complete 2-2. From Advanced Accounting 12th Edition.

Problem 2-2 is the same as the requirements for problem 2-1 just with the added informationi from 2-2 given above.

Problem 2-1 (LO 3, 4, 5, 6) 100% purchase, goodwill, consolidated balance sheet. On July 1, 2016, Roland Company exchanged 18,000 of its $45 fair value ($1 par value) shares for all the outstanding shares of Downes Company. Roland paid acquisition costs of $40,000. The two companies had the following balance sheets on July 1, 2016 Assets Roland Other current assets Inventory Land Building (ne Equipment (net) 50,000 120,000 100,000 300,000 430 70,000 60,000 40,000 20,000 110,000 Total asset 000,000 $400,000 Liabilities and E Current liabilities Common stock ($1 par Paid-in capital in excess of pa Retained earnings $180,000 40,000 360,000 420,000 60,000 20,000 180,000 140,000 5400,000 Total liabilities and equity The following fair values applied to Downes's assets Other current assets Inventory Land Building Equipment 70,000 80,000 90,000 150,000 00,000 1. Record the investment In Downes Company and any other entry necessitated by the purchase. 2. Prepare the value analysis and the determination and distribution of excess schedule 3. Prepare a consolidated balance sheet for July 1, 2016, immediately subsequent to the Required purchase. Problem 2-2 (LO 3, 4, 5, 6, 7) 80% purchase, goodwill, consolidated balance sheet. Using the data given in Problem 2-1, assume that Roland Company exchanged 14,000 of its $45 fair value ($i par value) shares for 16,000 of the outst Company ing shares of Downes