Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Exercise 22

100% purchase, goodwill, push-down accounting. On March 1, 2015, Collier Enterprises purchases a 100% interest in Robby Corporation for $480,000 cash. Robby Corporation applies push-down accounting principles to account for this acquisition.
Robby Corporation has the following balance sheet on February 28, 2015:
1. Record the investment in Robby Corporation.
2. Prepare the value analysis schedule and the determination and distribution of excess schedule.
3. Give Robby Corporation's adjusting entry.