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Question - Parent owns 70% of subsidiary. Subsidiary has bonds payable to third parties with a book value of $6,000,000., net of unamortized premium. In 2020, parent decides to purchase all outstanding bonds from third parties for $6,400,000. What result is reported in the 2020 consolidated financial statements.
a. Consolidated loss on "retirement" of bonds of $280,000
b. Consolidated loss on "retirement" of bonds $400,000
c. Consolidated gain on "retirement" of bonds of $400,000
d. No gain or loss is reported in the consolidated totals
e. Consolidated gain on "retirement" of bonds of $280,000
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