The stockholders’ equity section of East Corporation’s balance sheet appeared as follows on December 31:
Common stock, $10 par value, 80,000 shares
authorized and issued ........... $800,000
Retained earnings ........... 96,000
Total stockholders’ equity ......... $896,000
Danny Manufacturing Company owns 80 percent of East’s voting stock and paid $11.20 per share. Prepare the journal entry (including minority interest) to eliminate Danny’s investment and East’s stockholders’ equity that would appear on the work sheet used in preparing the consolidated balance sheet for the two firms.