Anderson Inc. has owned 70% of its subsidiary Arthur Corp., for several years. The consolidated balance sheets of Anderson, Inc. and Arthur Corp are presented below:
2011 2010
Cash . . . . . . . . . . . . . . . 8,000 26,000
Accounts receivable (net) 75,000 54,000
Inventory 100,000 89,000
Plant & Equipment (net) 156,000 170,000
Copyright 16,000 18,000
355,000 357,000
Accounts payable . . . . . . 60,000 51,000
Long term debt 0 35,000
Non-controlling Interest 27,000 25,000
Common Stock $ 1 Par 100,000 100,000
Retained earnings 168,000 146,000
355,000 357,000
Additional information for 2011: The combination occurred using the acquisition method. Consolidated net income was $ 50,000 The non-controlling interest share of consolidated net income of ARthur was 3,200.
Arthur paid $ 4,000 in dividends.
There were no disposals of plant & equipment or copyright this year.