Ballard Corporation purchased 70 percent of Condor Company€™s voting shares on January 1, 20X4, at underlying book value. On that date it also purchased $100,000 par value 12 percent Condor bonds, which had been issued on January 1, 20X1, with a 10 year maturity. During preparation of the consolidated financial statements for December 31, 20X4, the following elimination entry was made in the worksheet:

Required
a. What price did Ballard pay to purchase the Condor bonds?
b. What was the carrying amount of the bonds on Condor€™s books on the date of purchase?
c. If Condor reports net income of $30,000 in 20X5, what amount of income should be assigned to the noncontrolling interest in the 20X5 consolidated incomestatement?

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Bonds Payable Bond Premium Loss on Bond Retirement Interest Income 100,000 6,000 3,500 Investment in Condor Company Bonds interest Expense 109,000