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Chapter 6 Homework Saved Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 8 Opus, Incorporated, owns 80 percent of Bloom Company. On December 31, 2017. Opus acquires half of Bloom's $700,000 outstanding bonds. These bonds had been sold on the open market on January 1, 2015 at a 12 percent effective rate. The bonds pay a cash interest rate of 10 percent every December 31 and are scheduled to come due on December 31, 2027. Bloom issued this debt originally for $610,070. Opus paid $390,226 for this investment, indicating an 8 percent effective yield. 6.25 points a. Assuming that both parties use the effective rate method, what gain or loss from the retirement of this debt should be reported on the consolidated income statement for 2017? b. Assuming that both parties use the effective rate method, what balances should appear in the Investment in Bloom Bonds account on Opus's records and the Bonds Payable account of Bloom as of December 31, 2018? C. Assuming that both parties use the straight-line method, what consolidation entry would be required on December 31, 2018, because of these bonds? Assume that the parent is not applying the equity method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Assuming that both parties use the effective rate method, what gain or loss from the retirement of this debt should be reported on the consolidated income statement for 2017? (Round your intermediate calculations to the nearest dollar amount.) Loss on retirement 85,191 Return to question 8 Opus, Incorporated, owns 80 percent of Bloom Company. On December 31, 2017, Opus acquires half of Bloom's $700,000 outstanding bonds. These bonds had been sold on the open market on January 1, 2015, at a 12 percent effective rate. The bonds pay a cash interest rate of 10 percent every December 31 and are scheduled to come due on December 31, 2027. Bloom issued this debt originally for $610,070. Opus paid $390,226 for this investment, indicating an 8 percent effective yield. 6.25 points a. Assuming that both parties use the effective rate method, what gain or loss from the retirement of this debt should be reported on the consolidated Income statement for 2017? b. Assuming that both parties use the effective rate method, what balances should appear in the Investment in Bloom Bonds account on Opus's records and the Bonds Payable account of Bloom as of December 31, 2018? c. Assuming that both parties use the straight-line method, what consolidation entry would be required on December 31, 2018, because of these bonds? Assume that the parent is not applying the equity method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required c Assuming that both parties use the effective rate method, what balances should appear in the Investment in Bloom Bonds account on Opus's records and the Bonds Payable account of Bloom as of December 31, 20187 (Round your intermediate calculations to the nearest dollar amount.) Investment in Bloom bonds, 12/31/18 Bonds payable, 12/31/18 $ 85,191 $ 85,1913 Chapter 6 Homework Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return to question 8 a. Assuming that both parties use the effective rate method, what gain or loss from the retirement of this debt should be reported on the consolidated income statement for 2017? b. Assuming that both parties use the effective rate method, what balances should appear in the Investment in Bloom Bonds account on Opus's records and the Bonds Payable account of Bloom as of December 31, 2018? c. Assuming that both parties use the straight-line method, what consolidation entry would be required on December 31, 2018, because f these bonds? Assume that the parent is not applying the equity method 6.25 points X Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required Assuming that both parties use the straight-line method, what consolidation entry would be required on December 31, 2018, because of these bonds? Assume that the parent is not applying the equity method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account bield. Round your intermediate calculations to the nearest dollar amount.) Show less Debit Credit NO Transaction Accounts 1 No journal entry required