Question: Please show work for correct answer thanks so much! In year B. Pellinore Co. buys some of the outstanding bonds of its subsidiary Sagramore Co.

Please show work for correct answer thanks so much! In year

Please show work for correct answer thanks so much!

In year B. Pellinore Co. buys some of the outstanding bonds of its subsidiary Sagramore Co. The resulting 'gain on constructive bond retirement and extinguishment' is 50. During year B, the interest elimination amount is 5. Also during year B, S has new unconfirmed interfirm losses of 30 and confirmations of previous interfirm losses of 20. S also has an interfirm gain of 25 in year B, but this amount is confirmed. P reports new unconfirmed interfirm losses of 40 and new unconfirmed interfirm gains of 15. S reports Net Income in year B of 650 and declares dividends on their common shares of 10. P owns 80% of S's common shares and reports Net Income and dividends of 1000 and 200, respectively. Total Consolidated Net Income is a. 1000 b. 1225 C. 1069 d. 520

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Please show work for correct answer thanks so much! In year B, Pellinore Co. buys some of the outstanding bonds of its subsidiary Sagramore Co. The resulting 'gain on constructive bond retirement and...

Please show work for correct answer thanks so much! In year B. Pellinore Co. buys some of the outstanding bonds of its subsidiary Sagramore Co. The resulting 'gain on constructive bond retirement and...

please help At the beginning of year x8, a parent acquired a 70 percent owned subsidiary's bonds from unaffiliated parties at a gain from constructive retirement of $15,000. The parent's annual...

Please show work for correct answer thanks so much! At the beginning of year x8, a parent acquired a 70 percent owned subsidiary's bands from unaffiliated parties at a gain from constructive...

In year B, Pellinore Co. buys some of the outstanding bonds of its subsidiary Sagramore Co. The resulting gain on constructive bond retirement and extinguishment is 50. During year B, the interest...

In year B, Pellinore Co. buys seme of the outstanding bonds of its subsidiary Sagramore Co. The resulting 'gain on constructive bond retirement and extinguishment' is 50. During year B, the interest...

In year B, Pellinore Co. buys some of the outstanding bonds of its subsidiary Sagramore Co. The resulting 'gain on constructive bond retirement and extinguishment' is 50. During year B, the interest...

What are the hoped-for outcomes of a foreign trade zone?

Among the three major national newspapers in the USA, the Wall Street Journal , with average daily (Monday to Friday) circulation of 2.12 million, is reputed to be conservative. By contrast, the New...

Identify each statement as true or false. The potential difference produced by a battery varies depending on the cricuit in which it is used. The power produced by a battery varies depending on the...

10) For a bond that pays cash interest (i.e., not a zero coupon bond), YTM is (a) always equal to the coupon rate (b) always equal to the current yield (c) is always less than the coupon rate (d) can...

1 What management systems are operating in African countries (and other post-colonial regions), in different ways in different industries and companies, and how successful are these systems in...

investigating the cultural contributions that non-Western (particularly postcolonial and post-Soviet) approaches can make to global managing;

developing conceptual and empirical links between theoretical formulations of cultural value dimensions and specific manifestations in HRM/people management policies and practices;