# On January 1, 2015, Panther Co

Refer to the preceding facts for Panther’s acquisition of Sandin common stock. On January 1, 2016, Panther held merchandise sold to it from Sandin for \$12,000. This beginning inventory had an applicable gross profit of 25%. During 2016, Sandin sold merchandise to Panther for \$75,000. On December 31, 2016, Panther held \$18,000 of this merchandise in its inventory. This ending inventory had an applicable gross profit of 30%. Panther owed Sandin \$20,000 on December 31 as a result of this intercompany sale.
On January 1, 2016, Panther sold equipment with a book value of \$35,000 to Sandin for \$50,000. Panther also sold some fixed assets to nonaffiliates. During 2016, the equipment was used by Sandin. Depreciation is computed over a 5-year life, using the straight-line method.
1. Prepare a value analysis and a determination and distribution of excess schedule for the investment in Sandin.
2. Complete a consolidated worksheet for Panther Company and its subsidiary Sandin Company as of December 31, 2016. Prepare supporting amortization and income distribution schedules.

# On January 1, 2015, Panther Co

Refer to the preceding facts for Panther’s acquisition of Sandin common stock. On January 1, 2016, Sandin held merchandise sold to it from Panther for \$20,000. During 2016, Panther sold merchandise to Sandin for \$100,000. On December 31, 2016, Sandin held \$25,000 of this merchandise in its inventory. Panther has a gross profit of 30%. Sandin owed Panther \$15,000 on December 31 as a result of this intercompany sale.
On January 1, 2015, Sandin sold equipment to Panther at a profit of \$24,000. Panther also sold some fixed assets to nonaffiliates. Depreciation is computed over a 6-year life, using the straight-line method.
1. Prepare a value analysis and a determination and distribution of excess schedule for the investment in Sandin.
2. Complete a consolidated worksheet for Panther Company and its subsidiary Sandin Company as of December 31, 2016. Prepare supporting amortization and income distribution schedules.

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