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On January 1, 20X6, Pepper Corporation issued 10-year bonds at par to unrelated parties. The bonds have a 10% stated rate, face value of $300,000, and pay interest every June 30 and December 31. On December 31, 20X9, Salt Corporation purchased all of Pepper's bonds in the open market at a $6,000 discount. Salt is Pepper's 80 percent owned subsidiary. Salt uses the effective interest method of amortization.
Problem 1: The consolidated income statement for the year 20X9 should report with respect to the bonds:
I. interest expense of $30,000.
II. a gain of $6,000.
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