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Q1) Incomplete Data with Purchase Differential Kasper Corporation acquired controlling interest over Timmin Company on January 1, 20X7, and consolidated balance was prepared. Partial balance sheet data for Kasper, Timmin, and 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

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

Accounting Basics, Accounting

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