1. BBC Inc. bought 30% of the shares of Phelps, Inc., at the starter paid $10 million for the shares. Thirty percent of the book valued assets is $8 million, and the difference of $2 million is due to land the owns that has appreciated in value. During 2016, Phelps reported $1 milllion and paid a cash dividend of $0.5 million Journalize the accounting events. At what amount does BBC Inc. carry the Phelps investment on its basses of December 31, 2016? A company issued 5%, 10-year bonds with a face amount of $600,000. The market yield for bonds of similar risk and maturity is 6%. Interest is paid semiannually. At what price did the bonds sell