Reference no: EM132954672
Question - Par Corporation holds 60 percent of Short Publishing Company's voting shares. Par issued $510,000 of 12 percent bonds with a 10-year maturity on January 1, 20X2, at 94. On January 1, 20X8, Short purchased $102,000 of the Par bonds for $108,000. Partial trial balances for the two companies on December 31, 20X8, are as follows:
Note: Assume using straight-line amortization of bond discount or premium.
Par Corporation Short Publishing Company
Investment in Short Publishing Company Stock $134,000
Investment in Par Corporation Bonds $107,500
Bonds Payable $510,000
Discount on Bonds Payable $13,000
Interest Expense $50,000
Interest Income $9,000
Interest Payable $22,000
Interest Receivable $6,120
Required -
Prepare the worksheet consolidation entry or entries needed on December 31, 20X8, to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the entry to eliminate the effects of the intercompany ownership in bonds for 20X8.
|
How much of sam section gain
: In 2019, he had an $8,000 Section 1231 loss. How much of Sam's 2020 Section 1231 gain will be treated as long-term capital gain
|
|
What type of correlation
: If trend lines representing Canada's real GDP per hour and the real hourly wage in Canada were plotted over a period of the last 50 years, what type of correlat
|
|
What are the new numbers
: If The sales price decreases by 5% and sales volume increases by 15% what are the new numbers? Contribution margin 210,000 $7.00
|
|
What is going on with school funding
: What is going on with school funding? Why was/is Texas so short of funding? Why are schools districts suing the state of Texas? What is the state doing to corre
|
|
Prepare the worksheet consolidation entry or entries
: Prepare the worksheet consolidation entry or entries needed on December 31, 20X8, to remove the effects of the intercorporate bond ownership
|
|
Profit maximizing quantity the marginal benefit
: A monopoly is not an efficient market structure because at the profit maximizing quantity the marginal benefit to the consumer exceeds the marginal cost of prod
|
|
Identify the type of price discrimination
: Explain a time you encountered non-uniform pricing, or price discrimination. Identify the type of price discrimination it was. Using the criteria necessary for
|
|
What is the amount of cash flows from operating activities
: What is the amount of cash flows from operating activities reported on the statement of cash flows prepared by the indirect method?
|
|
What is the total issue price of the preference shares
: Treasury Stock - Ordinary, 10,000 shares, at Cost 40,000 Total Shareholders' Equity. What is the total issue price of the preference shares
|