Blatant Advertising Corporation acquired 60 percent of the shares of Quinn Manufacturing Company on December \(31,20 \times 1\), at underlying book value of \(\$ 180.000\). The balance sheet of Quinn Manufacturing Company on January 1. 20X7, contained the following balances:

On January 1.20X7. Quinn Manufacturing Company purchased 2.000 of its own \(\$ 10\) par value common shares from Nonaffiliated Corporation for \(\$ 42\) per share.
\section*{Required}

a. Compute the change in the book value of the shares held by Blatant Advertising as a result of the repurchase of shares by Quinn Manufacturing.
\(b\). Give the entry to be recorded on the books of Blatant Advertising to recognize the change in the book value of the shares it holds.

c. Give the eliminating entry needed in preparing a consolidated balance sheet immediately following the purchase of shares by Quinn Manufacturing.

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Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Total Assets $ 80.000 Accounts Payable $ 60.000 100.000 Bonds Payable 240.000 160.000 Common Stock 100.000 700.000 Additional Paid-In Capital 150,000 (240,000) Retained Earnings 250.000 $800.000 Total Liabilities and Equities $800,000