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1.1 Please answer the red Xs since those are wrong answers. ps it's not interest income 4200 and investment 300, I've already tried that. Pretzel
1.1 Please answer the red Xs since those are wrong answers. ps it's not interest income 4200 and investment 300, I've already tried that.
Pretzel Corporation owns 60 percent of Stick Corporation's voting shares. On January 1, 20X2, Pretzel Corporation sold $150,000 par value, 6 percent first mortgage bonds to Stick for $156,000. The bonds mature in 10 years and pay Interest semlannually on January 1 and July 1. Required: a. Prepare the journal entrles for 202 for Stick related to its ownership of Pretzel's bonds. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Do not round your intermedlate calculations. Round your final answers to nearest whole dollar.) Answer is complete but not entirely correct. b. Prepare the journal entrles for 202 for Pretzel related to the bonds. (If no entry Is requlred for a transactlon/event, select "No journal entry required" in the first account field. Do not round your intermedlate calculations. Round your final answers to nearest whole dollar.) x Answer is complete but not entirely correct. c. Prepare the worksheet consolidation entrles needed on December 31,202, to remove the effects of the Intercorporate ownership of bonds. (If no entry is requlred for a transaction/event, select "No journal entry required" In the first account field. Do not round your intermedlate calculations. Round your final answers to nearest whole dollar.)
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