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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:

 Partial Balance Sheet Data
January 1, 20X7
 Kasper Corporation
 Timmin Company
 Consolidated Entity
 Cash and Accounts Receivable
$ 240,000
 Buildings and Equipment (net)
 Investment in Timmin Stock

$ 1,323,000
 Accounts Payable
 Bonds Payable

 Common Stock
 Retained Earnings
 No controlling Interest


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

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