Exercise 5 (LO 2) Bond eliminations, partial purchase. Carlton Company is an 80%-owned subsidiary of Mirage Company. On January 1, 2015, Carlton sold $100,000 of 10-year, 7% bonds for $101,000. Interest is paid annually on January 1. The market rate for this type of bond was 9% on January 2, 2017, when Mirage purchased 60% of the Carlton bonds for $53,600. Discounts may be amortized on a straight-line basis.

1. Prepare the eliminations and adjustments required for this bond purchase on the December 31, 2017, consolidated worksheet.

2. Prepare the eliminations and adjustments required on the December 31, 2018, consolidated worksheet.

Exercise 8 (LO 5) Direct-financing lease eliminations. On January 1, 2015, Traylor Company, an 80%-owned subsidiary of Parker Electronics, Inc., signed a 4-year direct-financing lease with its parent for the rental of electronic equipment. The lease agreement requires a $12,000 payment on January 1 of each year, and title transfers to Traylor on January 1, 2019. The equipment originally cost $40,822 and had an estimated remaining life of five years at the start of the lease term. The lessors implicit interest rate is 12%. The lessee also used the 12% rate to record the transaction.

1. Prepare a lease payment amortization schedule for the life of the lease.

2. Prepare the eliminations and adjustments required for this lease on the December 31, 2015, consolidated worksheet.

3. Prepare the eliminations and adjustments for the December 31, 2016, consolidated worksheet.

URGENT: NEED ANSWER ASAP

PLEASE RESPOND WITH COPY AND PASTE, NOT ATTACHMENT USE ORIGINAL CONTENT NOT USED BEFORE ON CHEGG

PLEASE ANSWER THROUGHLY TO ALL ANSWER TO BEST ABILITES ILL TAKE THAT THANK YOU. GOOGLE FOR ANSWER

PLEASE RESPOND WITH LENGTHY RESPONSE ,THANK YOU

JUST ANSWER TOBEST ABILITIES PLEASE THE QUESTIONS NEEDED ARE THERE>