I. Penn acquired a 90% interest in Skelly on January 1 for $50,000 when Skelly's stockholders' equity was $40,000 and Retained Earnings 10,000. a Journal entry b. How much the minority interest? During the year Skelly get the next profit 20,000 and pay the dividend of 15,000 a. How much the investment of Penn in Skell by year end? b. How much the minority interest by year end