Canco Inc.owns 70% of Supersonics and consolidates this subsidiary.In 2012,Supersonics earned $100,000 after tax and Canco earned $1,000,000.Without consideration of minority interests,the stockholders' equity of Supersonics at the end of 2012 was $1,200,000.Required:
a.Determine the minority share of earnings in 2012.
b.Determine the consolidated net income.
c.Determine the minority interest at the end of 2012 on the balance sheet.
d.How should minority interest be classified on the balance sheet for analysis?

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The Answer of Canco Inc.owns 70% of Supersonics and consolidates this subsidiary.In 2012,Supersonics earned $100,000 after tax and Canco earned $1,000,000.Without consideration of minority interests,the stockholders' equity of Supersonics at the end of 2012 was $1,200,000.Required:
a.Determine the minority share of earnings in 2012.
b.Determine the consolidated net income.
c.Determine the minority interest at the end of 2012 on the balance sheet.
d.How should minority interest be classified on the balance sheet for analysis?

Canco IncOwns 70% of Supersonics and Consolidates This Subsidiary