Ann: Trading Halt, page-64

Hey mate, hopefully some clarification, particularly re. $34k sales and so on. Briefly if one company controls another (usually by owning > 50% of shares), consolidated accounts are produced in which ALL of the assets, liabilities, income and expenditure (and hence profit or loss) of the subsiduary are reflected in those accounts. The proportion of shares not held is reflected in the consolidated accounts as minority interests.

Studied and worked on this many years ago. Some of the terms used may have changed, but the principle is the same.

Regards, GLTAH & DYOR