80% purchase, goodwill, consolidated balance sheet. Using the data given in Problem 2 1, assume that Rose Company exchanged 18,000 of its $35 fair value ($10 par value) shares for 16,000 of the outstanding shares of Daisy Company.

1. Record the investment in Daisy Company and any other entry necessitated by the purchase.

2. Prepare a determination and distribution of excess schedule.

3. Prepare a consolidated balance sheet for July 1, 20X6, immediately subsequent to the purchase.