Assume the same facts as in E8-6 except that the company uses straight-line amortization: Required Select the

Question:

Assume the same facts as in E8-6 except that the company uses straight-line amortization:

Required
Select the correct answer for each of the following questions.
1. What amount of interest expense should be included in the 20X4 ?
a. $14,000.
b. $18,000.
c. $21,000.
d. $27,000.
2. What amount of gain or loss on bond retirement should be included in the 20X4 ?
a. $4,000 gain.
b. $4,000 loss.
c. $12,000 gain.
d. $16,000 loss.
3. Income assigned to the noncontrolling interest in the 20X4 should be
a. $6,000.
b. $8,100.
c. $8,400.
d. $16,000.

Consolidated Income Statement
When talking about the group financial statements the consolidated financial statements include Consolidated Income Statement that a parent must prepare among other sets of consolidated financial statements. Consolidated Income statement that is...