Roberts owns 70% of Cisco. Cisco has a bond payable outstanding to third parties on January...
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Roberts owns 70% of Cisco. Cisco has a bond payable outstanding to third parties on January 1, 2018 with a book value (net of premium or discount) of $400,000. On that date Roberts purchases the bond in the open market for $410,000. Required: a. Prepare a worksheet as of January 1, 2018 after the above transactions b. Prepare consolidation worksheet entry "B" as of January 1, 2018 How much is the consolidated gain or loss on "retirement" of the bond. Roberts owns 70% of Cisco. Cisco has a bond payable outstanding to third parties on January 1, 2018 with a book value (net of premium or discount) of $400,000. On that date Roberts purchases the bond in the open market for $410,000. Required: a. Prepare a worksheet as of January 1, 2018 after the above transactions b. Prepare consolidation worksheet entry "B" as of January 1, 2018 How much is the consolidated gain or loss on "retirement" of the bond.
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a Worksheet as of January 1 2018 after the above transact... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
Posted Date:
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