Corvallis Corporation owns 80% of the stock of Little Harrisburg, Inc. At December 31, 2012, Little Harrisburg

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Corvallis Corporation owns 80% of the stock of Little Harrisburg, Inc. At December 31, 2012, Little Harrisburg had the following summarized balance sheet:

The earnings of Little Harrisburg, Inc., for 2012 were $50,000 after tax.

Required

a. What would be the amount of noncontrolling interest on the balance sheet of Corvallis Corporation?

b. What would be the noncontrolling interest in share of earnings on the income statement of Corvallis Corporation?

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Financial Statement Analysis

ISBN: 9781133189404

13th International Edition

Authors: Charles H. Gibson

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Question Posted: Aug 11, 2023 07:49 AM

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Corvallis Corporation owns 80% of the stock of Little Harrisburg, Inc. At December 31, 2012, Little Harrisburg

Question:

Current assets LITTLE HARRISBURG, INC. Balance Sheet December 31, 2012 $100,000 Property, plant, and equipment (net) 400,000 $500,000 Current liabilities Long-term debt Capital stock Retained earnings $ 50,000 150,000 50,000 250,000 $500,000

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