Dennis Company is an 80%-owned subsidiary of Kay Industries. Dennis Company issued 10-year, 8% bonds in the

Question:

Dennis Company is an 80%-owned subsidiary of Kay Industries. Dennis Company issued 10-year, 8% bonds in the amount of $1,000,000 on January 1, 2011. The bonds were issued at face value, and interest is payable each January 1. On January, 1, 2013, Kay Industries purchased all of the Dennis bonds for $968,000. Kay will amortize the discount on a straight-line basis. For the years ending
(a) December 31, 2013, and
(b) December 31, 2014, determine the effects of this transaction:
1. On consolidated net income.
2. On the of income to the controlling and non-controlling interests.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...