Sessions Athletic Gear borrowed $600,000 from its parent, PF Consolidated Inc., at an interest rate of...

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Sessions Athletic Gear borrowed $600,000 from its parent, PF Consolidated Inc., at an interest rate of 3%. The loan was made on October 31, 2022, with interest due semiannually on April 30 and October 31 of each year, and principal due in 2026. PF's accounting year ends on December 31. You are doing the consolidation working paper at December 31, 2023. The loan is still outstanding, and Sessions has made interest payments as required. a. What balances appear in the December 31, 2023, trial balances of PF and Sessions with respect to this intercompany loan? What balances should appear on the consolidated financial statements? Remember to use negative signs with your credit balance answers in the Dr (Cr) columns (not in the Credit column). • Enter numerical answers using all zeros (do not abbreviate answers to millions or thousands). b. Prepare the working paper eliminating entries needed for this intercompany loan at December 31, 2023. Enter numerical answers using all zeros (do not abbreviate answers to millions or thousands). Sessions Athletic Gear borrowed $600,000 from its parent, PF Consolidated Inc., at an interest rate of 3%. The loan was made on October 31, 2022, with interest due semiannually on April 30 and October 31 of each year, and principal due in 2026. PF's accounting year ends on December 31. You are doing the consolidation working paper at December 31, 2023. The loan is still outstanding, and Sessions has made interest payments as required. a. What balances appear in the December 31, 2023, trial balances of PF and Sessions with respect to this intercompany loan? What balances should appear on the consolidated financial statements? Remember to use negative signs with your credit balance answers in the Dr (Cr) columns (not in the Credit column). • Enter numerical answers using all zeros (do not abbreviate answers to millions or thousands). b. Prepare the working paper eliminating entries needed for this intercompany loan at December 31, 2023. Enter numerical answers using all zeros (do not abbreviate answers to millions or thousands).

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a In the December 31 2023 trial balances For PF Consolidated Inc Loan Receivable from Sessions Inter... View the full answer