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On January 1, 2021, Jay Company acquired all the outstanding ownership shares of Zee Company. In assessing Zees acquisition-date fair values, Jay concluded that the
On January 1, 2021, Jay Company acquired all the outstanding ownership shares of Zee Company. In assessing Zees acquisition-date fair values, Jay concluded that the carrying value of Zees long-term debt (8-year remaining life) was less than its fair value by $16,600. At December 31, 2021, Zee Companys accounts show interest expense of $13,950 and long-term debt of $310,000. What amounts of interest expense and long-term debt should appear on the December 31, 2021, consolidated finan
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