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Highlight, Incorporated, owns all outstanding stock of Kiort Corporation. The two companles report the following balances for the year ending December 31, 2023 : Note:
Highlight, Incorporated, owns all outstanding stock of Kiort Corporation. The two companles report the following balances for the year ending December 31, 2023 : Note: Parentheses Indicate a credit balance. On January 1, 2023, Highlight acquired on the open market bonds for $108,000 originally Issued by KIort. This Investment had an effectlve rate of 8 percent. The bonds had a face value of $100,000 and a cash Interest rate of 9 percent. At the date of acquisition, these bonds were shown as llabilitles by KIort with a carrylng amount of $84,000 (based on an effectlve rate of 11 percent). Required: Determine the balances that should appear on a consolidated Income statement for 2023. Note: Enter all amounts as positlve amounts except for losses
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