Bond-Related Consolidation Entries: Multiple Years (90% ownership) Sala Inc. is a 90%-owned created subsidiary of Pala Inc.
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Bond-Related Consolidation Entries: Multiple Years (90% ownership) Sala Inc. is a 90%-owned created subsidiary of Pala Inc. On 1/1/03, Sala issued $10,000,000 of 5-year, 10% bonds at 95
(maturity date is 1/1/08). On 1/1/05 (2 years later), Pala acquired in the open market 30% of these bonds at 101. Each entity uses straight-line amortization.
1. Calculate the gain or loss on debt extinguishment to be reported for 2005.
2. Prepare the bond-related consolidation entries at 12/31/05, 06, and 07.
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