The stockholders' equity section of Caritas Corporation's balance sheet appeared as follows on December 31: Common stock,

Question:

The stockholders' equity section of Caritas Corporation's 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
Swanson Manufacturing Company owns 80 percent of Caritas's voting stock and paid $11.20 per share. In journal form, prepare the entry (including minority interest) to eliminate Swanson's investment and Caritas's stockholders' equity that would appear on the work sheet used in preparing the consolidated for the two firms.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...