On January 1, 2014 Patriot Company issued (sold) $500,000 8% semi-annual bonds for $530,000
These 20 year bonds pay interest on July 1 and January 1 of each year. Patriot uses straight-line amortization
On January 1, 2019 Chief Company purchased the Patriot bonds for $485000. Chief also uses straight-line
amortization
	REQUIRED:
		a) make Patriot's journal entry when they sell the bonds
		b) make the entry Patriot makes when it makes its first interest payment on July 1, 2014
		c) make the entry Chief makes when it purchases the bonds on January 1, 2019
		d) make the entry Chief makes when it receives its first interst payment on July 1 2019
		e) make the necessary worksheet entries needed in 2019
		f) In 2019, Patriot reported income of $300,000 (unconsolidated) and Chief reported income
		of $25,000. What is consolidated income?
		g) make the necessary worksheet entries needed in 2020
		h) in 2020, Patriot reported income of $300,000 (unconsolidated) and Chief reported income
		of $25,000. What is consolidated income?