Question: On Jan 1, 2014, the Sub issues $400,000 7.5% 8 year bonds at 92% interest payable annually on Dec 31. The Sub is 85% owned

  • On Jan 1, 2014, the Sub issues $400,000 7.5% 8 year bonds at 92% interest payable annually on Dec 31. The Sub is 85% owned by the Parent. On Jan 1, 2017, the Parent purchases the Subs Bonds for $412,500.

Required:

Record the Elimination and Adjustment Entries for Dec 31, 2017 & 2018.

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