Corvallis corporation owns 80 of the stock of little, Ask an Expert

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Corvallis Corporation owns 80% of the stock of Little Harrisburg, Inc. At December 31, 2008, Little Harrisburg had the following summarized balance sheet:

LITTLE HARRISBURG, INC.

Balance Sheet December 31, 2008

Current assets	$100,000	Current liabilities	$ 50,000
Property, plant, and		Long-term debt	150,000
equipment (net)	400,000	Capital stock	50,000
		Retained earnings	250,000
	$500,000		$500,000

The earnings of Little Harrisburg, Inc., for 2008 were $50,000 after tax.

Required:

a. What would be the amount of minority interest on the balance sheet of Corvallis Corporation? How should minority interest be classified for financial statement analysis purposes?

b. What would be the minority share of earnings on the income statement of Corvallis Corporation?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91719822

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