The stockholders' equity section of Veritas Corporation's balance sheet appeared as follows on December 31:
Common stock, $10 par value, 40,000 shares authorized and issued = $400,000
Retained earnings = $48,000
Total stockholders' equity
$448,000
=======
Midas Manufacturing Company owns 80 percent of Veritas's voting stock and paid $11.20 per share. In journal form, prepare the entry (including minority interest) to eliminate Midas' investment and Veritas's stockholders' equity that would appear on the worksheet used in preparing the consolidated balance sheet for the two firms.
Common stock, $10 par value, 40,000 shares authorized and issued = $400,000
Retained earnings = $48,000
Total stockholders' equity
$448,000
=======
Midas Manufacturing Company owns 80 percent of Veritas's voting stock and paid $11.20 per share. In journal form, prepare the entry (including minority interest) to eliminate Midas' investment and Veritas's stockholders' equity that would appear on the worksheet used in preparing the consolidated balance sheet for the two firms.