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PROBLEM V Complete the following partial worksheet for Pat Inc. and subsidiary Slinger Company for the first year subsequent to acquisition intercompany bonds, 20X4 Pat
PROBLEM V Complete the following partial worksheet for Pat Inc. and subsidiary Slinger Company for the first year subsequent to acquisition intercompany bonds, 20X4 Pat Inc. and Subsidiary Slinger Company Partial Consolidated Worksheet For the Year Ended December 31, 20X4 Trial Balance Eli ons and Adjustments Slinger Pat 8,000 99,000 Interest receivable Investments in Slinger bonds Interest payable Bonds payable Premium on bonds payable Interest income Interest expense (8,000) (100,000) (200) (9,000) 800 Elimination and Adjustments (B1) Eliminate the intercompany bonds and the applicable interest revenue and expense. Record the adjustment to retained earnings (B2) Eliminate the intercompany interest payable and receivable
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