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Question - On 1/1/2019, Allie Company issued bonds payable of $500,000 at 8%. It was sold at $464,000 with effective interest rate of 9%. On 1/1/2020, Choco purchased all of Allie's bond for $532,000 cash with effective interest at 7% and Allie's bonds payable has been effectively retired.
Required -
1) What is Allies' book value of $500,000 bonds payable on 1/1/2020?
2) Prepare a journal entry that Choco will record on 1/1/2020 regarding purchase of Allie's bond.
3) Compute the consolidated gain or loss on a consolidated income statement for at the end of 2020.
4) Prepare a journal entry that Allie will record for bond interest expense on 12/31/2020.
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