Prepare bond amortization schedules for dundee and perth

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Reference no: EM13520961

Dundee Company issued 61,000,000 par value 5-year bonds at 102 on January 1, 2004. which Mega Corporation purchased. The coupon rate on the bonds is 9 percent. Interest payments are made annually on January 1. On January 1, 2006. Perth Company purchased 6500,000 par value of the bonds from Mega for $492,200 Perth owns 65 percent of Dundee's voting shares. Both Company's use Straight Line amortization of any discount or premium

Required:

a. Prepare Bond Amortization schedules for both Dundee and Perth for all years

b. Prepare all book entries for Perth and Dundee for 2006 to record the effects of the bond ownership

c. Prepare the worksheet eliminating entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements at December 31 2006.

Reference no: EM13520961

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