Corvallis Corporation owns 80% of the stock of Little Harrisburg, Inc. At December 31, 2010, Little Harrisburg had the following summarized balance sheet:

The earnings of Little Harrisburg, Inc., for 2010 were $50,000 after tax.

Required
a. What would be the amount of noncontrolling interest on the balance sheet of Corvallis Corporation? How should noncontrolling interest be classified for financial statement analysis purposes?
b. What would be the noncontrolling interest in share of earnings on the income statement of Corvallis Corporation?

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LITTLE HARRISBURG, INC. Balance Sheet December 31, 2010 $100,000 Current liabilities 50,000 150,000 50,000 250,000 $500,000 Current assets Long-term debt Capital stock Property, plant, and equipment (net) 400,000 500,000 Retained eamings