The Paris Company Purchased an 80% Interest in Seine, Inc

The Paris Company purchased an 80% interest in Seine, Inc.for $600,000 on July 1, 2016, when Seine had the following balance sheet:
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$\begin{array}{lr}\text { Assets }\\\text { Accounts receivable } & \$ 50,000 \\\text { Inventory } & 120,000 \\\text { Land } & 80,000 \\\text { Building } & 270,000 \\\text { Equipment } & \underline{80,000} \\\quad \text { Total } & \$ 600,000 \\\\\text { Liabilities and Equity }\\ \text { Current liabilities } & \$ 100,000 \\\text { Common stock, } \$ 5 \text { par } & 50,000 \\\text { Paid-in capital in excess of par } & 150,000 \\\text { Retained earnings (July 1) } & \underline{300,000} \\\quad \text { Total } & \$ 600,000\end{array}$ The inventory is understated by $20,000 and is sold in the third quarter of 2016.The building has a fair value of $320,000 and a 10-year remaining life.The equipment has a fair value of $120,000 and a remaining life of 5 years.Any remaining excess is attributed to goodwill.
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From July 1 through December 31, 2016, Seine had net income of $100,000 and paid $10,000 in dividends.
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Assume that Paris uses the cost method to record its investment in Seine.
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Required:
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a.Prepare a determination and distribution of excess schedule as of July 1, 2016.?
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b.Prepare the eliminations and adjustments that would be made on the December 31, 2016, consolidated worksheet to eliminate the investment in Seine.Distribute and amortize any excess.