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.