PROBLEMS Problem2-1a03, 4, 5, 6) 100% purchase, goodwill, con all the outstanding shares of Roland pa two companies had the following balance sheets on July 1,2016: solidated balance sheet. On Juy 1, 2016, Roland Company exchanged 18,000 of its $45 fair value ($1 par value) shares for wnes Company. Roland paid acquisition costs of $40,000. The Downes Assets Roland Other current assets Inventory . . . Land Building (n ) Equipment (net) $ 50,000 120,000 100,000 300,000 430,000 $1,000,000 $70,000 60,000 40,000 120,000 1 10,000 $400,000 . . .. Total assets.. Liabilities and Equity Current liabilities Common stock ($1 par) . Paid-in capital in excess of par Retained earnings $ 180,000 40,000 360,000 420,000 60,000 20,000 180,000 40,000 $400,000 Total liabilities and equity 1,000,000 The following fair values applied to Downes's assets: Other current assets. Inventory Land Building Equipment. $ 70,000 80,000 90,000 150,000 100,000 Required1. 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 th purchase