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Question - Pepper Enterprises owns 95 percent of Salt Corporation. On January 1, 20X1, Salt issued $280,000 of five-year bonds at 115. Annual interest of 12 percent is paid semiannually on January 1 and July 1. Pepper purchased $180,000 of the bonds on July 1, 20X3, at par value. The following balances are taken from the separate 20X3 financial statements of the two companies:
Pepper Enterprises
Investment in Salt Corporation Bonds $185,700
Interest Income $8,400
Interest Receivable $10,800
Salt Corporation
Bonds Payable $280,000
Bond Premium $28,800
Interest Expense $25,200
Interest Payable $21,600
Required -
1. What is the gain or loss on constructive bond retirement that should be reported in the 20X3 consolidated income statement?
2. What is the consolidation worksheet consolidation entry or entries as of December 31, 20X3, to remove the effects of the intercorporate bond ownership?
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