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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
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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