Incomplete data with purchase differential corporation

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Reference no: EM1312917

Filling out missing figures in balance sheet.

Incomplete Data with Purchase Differential Kasper Corporation acquired controlling interest over Timmin Company on January 1, 20X7, and a consolidated balance was prepared. Partial balance sheet data for Kasper, Timmin, and the consolidated entry follow:

KASPER CORPORATION AND TIMMIN COMPANY Partial Balance Sheet Data January 1, 20X7
Item	Kasper Corporation	Timmin Company	Consolidated Entity
Cash and Accounts Receivable	$180,000	$60,000	$ 240,000
Inventory	200,000	100,000	328,000
Land	100,000	50,000	167,000
Buildings and Equipment (net)	400,000	150,000	588,000
Investment in Timmin Stock	?
Total	?	$360,000	$ 1,323,000
Accounts Payable	70,000	400,000	110,000
Bonds Payable	300,000		300,000
Common Stock	?	150,000	250,000
Retained Earnings	567,000	170,000	?
No controlling Interest			96,000
Total	?	360,000	1,323,000

The fair value of Timmin's land was $80,000, and the fair value of its buildings and equipment was $220,000 at the date of acquisition.

Reference no: EM1312917

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