Baker Enterprises purchases an 80% interest in Kohlenberg International for $850,000 on January 1,..

 
   

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Baker Enterprises purchases an 80% interest in Kohlenberg International for $850,000 on January 1, 2015. The estimated fair value of the NCI is $190,000. On the purchase date, Kohlenberg International has the following stockholders’ equity: Common stock ($10 par). . . . .. …. .. . …. .. . $150,000 Paid-in capital in excess of par . .. .. .. . .. .. .. .. 200,000 Retained earnings .. … . . .. …. .. .. … .. . . . . . 400,000 $750,000 Also on the purchase date, it is determined that Kohlenberg International’s assets are understated as follows: Equipment, 10-yearremaining life …. . .. …. $80,000 Land.. . .. .. .. .. .. .. . .. .. .. .. .. .. . .. . . .. . . . 20,000 Building,20-year remaining life .. …. . .. …. .. 60,000 The remaining excess of cost over book value is attributed to goodwill. The following summarized statements of Baker Enterprises and Kohlenberg International are for the year ended December 31, 2017: Required Using the vertical format, prepare a consolidated worksheet for December 31, 2017. Precede the worksheet with a value analysis and a determination and distribution of excess schedule. Include income distribution schedules to allocate the consolidated net income to the noncontrolling and controlling interests.