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PLEASE DO NOT JUST PASTE ANSWERS ALREADY PROVIDED IN PREVIOUSLY POSTED RESPONSES, THOSE ANSWERS ARE NOT CORRECT AND HAVE BEEN FLAGGED FOR CHEATING / PLAIGARISM
PLEASE DO NOT JUST PASTE ANSWERS ALREADY PROVIDED IN PREVIOUSLY POSTED RESPONSES, THOSE ANSWERS ARE NOT CORRECT AND HAVE BEEN FLAGGED FOR CHEATINGPLAIGARISM THANK YOU KINDLY. Sibling Company issued $ par value, year bonds at on January which Mega Corporation purchased. The coupon rate on the bonds is percent. Interest payments are made semiannually on July and January On July X Parent Company purchased $ par value of the bonds from Mega for $ Parent owns percent of Sibling's voting shares. Required: a What amount of gain or loss will be reported in Sibling's income statement on the retirement of bonds? b Will a gain or loss be reported in the consolidated financial statements for Parent for the constructive retirement of bonds? What amount will be reported? c How much will Parent's purchase of the bonds change consolidated net income for X d Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements at December e Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements at December f If Sibling reports net income of $ for what amount of income will be assigned to the noncontrolling interest in the consolidated income statement? Complete this question by entering your answers in the tabs below. Required Required B Required C What amount of gain or loss will be reported in Sibling's X income statement on the retirement of bonds? Note: Leave no cells blank be certain to enter wherever required.
PLEASE DO NOT JUST PASTE ANSWERS ALREADY PROVIDED IN PREVIOUSLY POSTED RESPONSES, THOSE ANSWERS ARE NOT CORRECT AND HAVE BEEN FLAGGED FOR CHEATINGPLAIGARISM THANK YOU KINDLY. Sibling Company issued $ par value, year bonds at on January which Mega Corporation purchased. The
coupon rate on the bonds is percent. Interest payments are made semiannually on July and January On July X Parent
Company purchased $ par value of the bonds from Mega for $ Parent owns percent of Sibling's voting shares.
Required:
a What amount of gain or loss will be reported in Sibling's income statement on the retirement of bonds?
b Will a gain or loss be reported in the consolidated financial statements for Parent for the constructive retirement of bonds?
What amount will be reported?
c How much will Parent's purchase of the bonds change consolidated net income for X
d Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in
preparing consolidated financial statements at December
e Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in
preparing consolidated financial statements at December
f If Sibling reports net income of $ for what amount of income will be assigned to the noncontrolling interest in the
consolidated income statement?
Complete this question by entering your answers in the tabs below.
Required
Required B
Required C
What amount of gain or loss will be reported in Sibling's X income statement on the retirement of bonds?
Note: Leave no cells blank be certain to enter wherever required.
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