The stockholders' equity section of Carney Corporation's balance sheet appeared as fol- lows on December 3 1 : LO1

Souris Manufacturing Company owns 80 percent of Carney's voting stock and paid $11.20 per share. In journal form, prepare the entry (including minority interest) to eliminate Souris's investment and Carney's stockholders' equity that would appear on the work sheet used in preparing the consolidated balance sheet for the two firms.

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Common stock, $10 par value, 40,000 shares authorized and issued Retained earnings Total stockholders' equity $400,000 48,000 $448,000