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Question - Black Ltd. acquired 80% of the 100,000 voting shares of Mlack Inc. on July 1, 2021. Among reported net assets, Mlack has bond payable with a face value of $100,000, carrying value of $ 113,136, and market value of $86,970.5. This 10-year bond was issued on Jan. 1, 2021, with a stated interest rate of 10% but a market interest rate of 8% and paying interest semi-annually. On the acquisition day, the market interest rate was 12%.
Required -
1. Calculate the separate-entity interest expense for the period from July 1- Dec 31, 2021.
2. Calculate the interest expense for consolidation for the period from July 1- Dec 31, 2021
3. Show your adjustment for consolidated interest expense for the period from July 1- Dec. 31, 2021.
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