Question
Planet issued $10,000 of 8% bonds on January 1, 2019 at par. The bonds mature in 10 years and pay interest annually on December 31.
Planet issued $10,000 of 8% bonds on January 1, 2019 at par. The bonds mature in 10 years and pay interest annually on December 31. Star purchased the bonds from open market for $8,500 to yield 10% on January 2021. Planet owns 80% of Star's common stock.
Q1) Prepare eliminating (consolidation) entries for inter-company transaction on December 31, 2021.
Q2) What is the consolidated net income?
Q3) What is the Net Income attributable to NCI (NCI in net income)?
Q4) What is the Net Income attributable to Controlling Interest (Controlling Interest Net Income)?
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College Accounting Chapters 1-27
Authors: James A. Heintz, Robert W. Parry
23rd edition
1337794759, 978-1337794756
