Reference no: EM13790147
On January1, 2008, Pope Company acquired 100% of the common stock of Siegel Company for $300,000. On this date Siegel had total owner's equity of $250,000. Any excess of cost over book value is attributable to goodwill. Pope accounts for its investment in Siegel using the simple equity method.
On July 1, 2008, Siegel Company sold outside investors $300,000 par value of 10-year, 10% bonds. The price received was equal to par. The bonds pay interest semi-annually on July 1 and January 1.
During early 2009, market interest rates on bonds similar to those issued by Siegel decreased to 8%. As a result, the market value of the bonds increased. On July 1, 2009, Pope purchased $150,000 par value of Siegel's bonds, paying $163,000. Pope still holds the bonds on December 31,2009 and has amortized the premium, using the straight-line method.
Required: entries, and complete a worksheet
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