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Prepare the worksheet entries required for consolidation

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Question: Brax bought 80% of Fox Company several years ago when fair value was equal to book value. On January 1, 2017, Fox has $ 100,000 of 8% bonds that were issued at par value and with five years to maturity. Interest is paid annually on December 31. Both Brax and Fox would use the straight-line method to amortize any premiums or discounts incurred in issuing or purchasing bonds. On January 1, 2018, Brax purchased all of Fox's bonds for $ 96,000.

Required: Prepare 2018 entries for Brax and Fox in your own accounting records.

Prepare the worksheet entries required for consolidation.

Reference no: EM132746655

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