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Determine the eliminating entries necessary

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Cartwright, Inc. has $1,000,000 of 10% bonds outstanding on December 31, 20X8. On January 1, 20X9, Adam Corp., an 80%-owned subsidiary of Cartwright, Inc., purchases a $250,000 part of Cartwright, Inc.'s outstanding bonds in the market for $245,000. Interest accruedby 12/31/X9 is $12,500.

Determine the eliminating entries necessary for the 20X9 consolidated financial statements.

Reference no: EM13507414

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