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Rock owns 80% of gibberbird. on jan 1 2015, rock issued 450000 of 1000 face amount 6% bonds at par. the bonds have interest payments
Rock owns 80% of gibberbird. on jan 1 2015, rock issued 450000 of 1000 face amount 6% bonds at par. the bonds have interest payments on jan 1 and july 1 of each year and mature on jan 1 2019. on jan 2 2016, gibberbird purchased all 450 bonds on the open market for 1030 per bond
required; with resepct to the bonds, use general journal format to:
1. record the 2016 journal entries on rock's books
2. record the 2016 journal entries on gibberbird's books.
3. record the elimination entries for the consolidation working papers at dec 31 2016
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