Penang Corporation owns an 8 0 percent interest in Minang Corporation. On October 1 , 2 0
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Question:
Penang Corporation owns an percent interest in Minang Corporation. On October Minang issued $ par, percent year bonds with an unamortized discount of $ On October Penang purchased percent of the outstanding bonds for $ The bonds pay interest on April and October and are amortized using the straightline method.
REQuIRED: Prepare the consolidated adjustment journal entries for Penang Corporation and Subsidiary.