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Lane co. own 70% of Stings stock. On 1/1/x1, Lane loaned Sting 100,000. Under the loan terms, Sting will pay 4% interest and the will
Lane co. own 70% of Stings stock. On 1/1/x1, Lane loaned Sting 100,000. Under the loan terms, Sting will pay 4% interest and the will repay the loan principle on 1/1/X4. Assume you are consolidating the TB of Lane and Sting on 12/31/X Which of the following Consolidation TB WS entries should be made?
- Int exp 2800
Int. income 2,800
- Int exp 4000
Int. income 4,000
- Int income 2800
Int. exp 2,800
- Int income 4,000
Int. exp 4,000
- None of the above
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