Question
I POSTED THIS QUESTION MULITPLE TIMES AND PEOPLE KEEP GIVING WRONG ANSWERS PLZ SOMEONE WHO ACTUALLY KNOWS THE CORRECT ANSWER RESPOND!!! must show work for
I POSTED THIS QUESTION MULITPLE TIMES AND PEOPLE KEEP GIVING WRONG ANSWERS PLZ SOMEONE WHO ACTUALLY KNOWS THE CORRECT ANSWER RESPOND!!!
must show work for all questions (either calculation with detailed explanation or bond premium/discount amortization schedule with calculation)
On 1/1/2019, Allie Company issued bonds payable of $500,000 at 8%. It was sold at $464,000 with effective interest rate of 9%. On 1/1/2020, Choco purchased all of Allie's bond for $532,000 cash with effective interest at 7% and Allie's bonds payable has been effectively retired.
5) Prepare a journal entry that Choco will record for bond interest income on 12/31/2020.
6) Prepare consolidation entry B on 12/31/2020?
7) Prepare a journal entry that Allie will record for bond interest expense on 12/31/2021.
8) Prepare a journal entry that Choco will record for bond interest income on 12/31/2021.
9) Prepare consolidation entry B on 12/31/2021?
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