Consolidated amounts when affiliates debt is acquired from non-affiliate Assume that a Parent company owns 75 percent of its Subsidiary. On January 1, 2016, the Parent company had a $100,000 (face) 8 percent bond payable outstanding with a carrying value of $96,600. Several years ago, the bond was originally issued to an unaffiliated company for 92 percent of par value. On January 1, 2016, the Subsidiary acquired the bond for $92,000. During 2016, the Parent company reported $400,000 of (pre-consolidation) income from its own operations (i.e., prior to any equity method adjustments by the Parent company) and after recording interest expense. The Subsidiary reported $120,000 of (pre-consolidation) income from its own operations after recording interest income. Related to the bond during 2016, the parent reported interest expense of $8,500 while the subsidiary reported interest income of $9,200. Determine the following amounts that will appear in the 2016 consolidated income statement:

a. Interest income from bond investment b. Interest expense on bond payable c. Gain (loss) on constructive retirement of bond payable Use a negative sign with answer to indicate a loss. $4,600 V d. Controlling interest in consolidated net income $493,900 e. Noncontrolling interest in consolidated net income