a. Complete a consolidated balance sheet workpaper for January 1, 20X4.
b. Prepare a consolidated balance sheet in good form.

Teresa Corporation purchased all the voting shares of Sally Enterprises on January 1, 20X4. Balancesheet amounts for the companies on the date of acquisition were as follows:

Teresa Sally
Corporation Enterprises
Cash and Receivables $ 40,000 $ 20,000
Inventory 95,000 40,000
Land 80,000 90,000
Buildings and Equipment 400,000 230,000
Investment in Sally Enterprises 290,000
Total Debits $905,000 $380,000
Accumulated Depreciation $175,000 $ 65,000
Accounts Payable 60,000 15,000
Notes Payable 100,000 50,000
Common Stock 300,000 100,000
Retained Earnings 270,000 150,000
Total Credits $905,000 $380,000

Sally Enterprises’ buildings and equipment were estimated to have a market value of $175,000 on January1, 20X4. All other items appeared to have market values approximating current book values.

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Oooops Sorry wrong question:

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 entity follow:

KASPER CORPORATION AND TIMMIN COMPANY
Partial Balance Sheet Data
January 1, 20X7
Kasper Timmin Consolidated
Item Corporation Company 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
178 Chapter 4 Consolidation as of the Date of Acquisition
Baker−Lembke−King:
Advanced Financial
Accounting, Sixth Edition
4. Consolidation as of the
Date of Acquisition
Text © The McGraw−Hill
Companies, 2004
Accounts Payable $ 70,000 $ 40,000 $ 110,000
Bonds Payable 300,000 300,000
Common Stock ? 150,000 250,000
Retained Earnings 567,000 170,000 ?
Noncontrolling 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.
Required
a. What amount of retained earnings is reported in the consolidated balance sheet? $567K
b. What percentage ownership of Timmin does Kasper hold? 70% (1-(96K/(150K+170K))
c. What is the fair value of inventory held by Timmin at January 1, 20X7? $140K
d. What is the fair value of Timmin's net assets at January 1, 20X7?
e. What amount did Kasper pay to acquire its ownership in Timmin? $460K
f. Give all eliminating entries needed to prepare the consolidated balance sheet for Kasper and Timmin.