Kasper Corporation acquired controlling interest over Timmin Company on January 1, 20X7, and a consolidated balance was prepared. Partial balance sheet data for Kasper Corporation and Timmin Company and the consolidated entity is presented below:

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.

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a. What amount of retained earnings is reported in the consolidated balance sheet?

b. What is the percentage ownership of Timmin Company held by Kasper Corporation?

c. What is the fair value of inventory held by Timmin at January 1, 20X7?

d. What is the fair value of Timmin's net assets at January 1, 20X7?

e. What amount did Kasper Corporation pay to acquire its ownership?

f. Give all eliminating entries needed to prepare the consolidated balance sheet for Kasper Corporation and Timmin Company.

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Item Kasper Corporation and Timmin Company Partial Balance Sheet Data Cash and Accounts Receivable Inventory Land Buildings and Equipment (net) Investment in Timmin Stock Total Accounts Payable Bonds Payable Common Stock Retained Earnings Noncontrolling Interest Total January 1, 20X7 Kasper Corporation Timmin Company $ 60.000 100,000 Consolidated Entity $ 240,000 328.000 167.000 588,000 $180,000 200.000 100,000 50,000 400.000 150,000 ? $ ? $360.000 $ 70.000 $ 40,000 300.000 567.000 150.000 170.000 $1.323.000 $ 110.000 300.000 250,000 96.000 $ ? $360.000 $1.323.000