Minority Interest The consolidated financial statement of Anchor Gaming, Inc., include the accounts of Colorado Grande Enterprises, Inc., an 80%-owned subsidiary. Anchor Gaming makes gambling machines and runs casinos. Colorado Grande Enterprises operates the Colorado Grande Casino in Cripple Creek, 45 miles from Colorado Springs. Colorado Grande Enterprises is Anchor Gaming's only consolidated subsidiary with minority interests. A recent Anchor Gaming income statement contained the following: Income before minority interest and taxes Taxes Minority interest in earnings of consolidated subsidiary Net income $56,987,737 21,000,702 310,607 $35,676,428 Anchor Gaming's Minority interest in consolidated subsidiary account listed $672,955 at the begin- ning of the year. Colorado Grande Enterprises paid no dividends during the year. Anchor Gaming did not buy or sell any of its interest in Colorado Grande Enterprises during the year. 1. Compute the net income of Colorado Grande Enterprises for the year. 2. What proportion of Anchor Gaming's $35,676,428 net income was contributed by Colorado Grande Enterprises? 3. Compute Anchor Gaming's balance in "Minority interest in Consolidated subsidiary" at the end of the year. 4. Comment on the reason for including a line for minority interest in the income statement and bal- ance sheet of Anchor Gaming.