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Question - December 31, 2006 balance sheets for Wren Corporation, and Schrub Corporation, its 90%-owned subsidiary, are presented in the first two columns of partially completed balance sheet working papers. Wren paid $160,000 for its 90% interest in Schrub on January 1, 2003 when Schrub had $150,000 of total stockholders' equity. The $25,000 cost book differential was assigned to plant assets with a 10-year remaining life. On January 1, 2006, Wren purchased $50,000 of Schrub Corporation's 10% bonds for $48,000, at which time the unamortized premium on the bonds was $2,000. The bonds pay interest on June 30 and December 31 and mature on December 31, 2010. Both Wren and Schrub use straight-line amortization. Wren uses the equity method of accounting for its investment in Schrub.
Required: Complete the consolidated balance sheet working papers.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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