Question: A working paper elimination (in journal entry format) for Pigot Corporation and its wholly owned subsidiary, Soper Company, on December 31, 2005, was as follows:

A working paper elimination (in journal entry format) for Pigot Corporation and its

wholly owned subsidiary, Soper Company, on December 31, 2005, was as follows:

Intercompany Interest Revenue?Pigot ($85,097 x 0.12) 10,212

Intercompany Bonds Payable?Soper 100,000

Discount on Intercompany

Bonds Payable?Soper ($5,335

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