Rock is an 80% owned subsidiary of Gibberbird. On January 1, 2012, Rock issued $450,00 of $1,000
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Rock is an 80% owned subsidiary of Gibberbird. On January 1, 2012, Rock issued $450,00 of $1,000 face amount 6%bonds at par. The bonds have interest payments on Jan 1 and July 1 of each year and mature January 1, 2016. On July 1, 2013 before interest payment, Gibberbird purchased all 450 bonds on the open market for $1,030 per bond. 1.Record 2013 journal entries for Jul1 to Dec 31 on Rocks books. 2. Record the 2013 journal entries from Jul 1 to Dec 31 on Gibberbird's books. 3. Record the elimination entries for the consolidation working papers at December 31, 2013.
Related Book For
Financial Accounting
ISBN: 978-0077862268
2nd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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