E 9. 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
Retained earnings
Total stockholders' equity
$400,000
48,000
$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 work sheet used in preparing the consolidated balance sheet
for the two firms.