Determine the amount that should be presented

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Question - Albert NL was a 90 percent subsidiary of Josh NL, acquired when the book value of Albert NL net assets was equal to its fair value. On January 1, 2014, Albert NL has 10 percent $2,000,000 par bonds with unamortized premium of $200,000. The bonds will mature in 10 years. At this date, Josh NL purchased 20% of Albert NL's bonds with price of $450,000. The interest payment dates of the bonds are January 1 and July 1.

REQUIRED - Determine the amount that should be presented on the consolidated financial statements for the following accounts in 2014:

1. 10 percent bonds payable

2. Investment in Albert NL

3. Interest expense

4. Interest income

Reference no: EM132968791

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