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This is a problem in the first two pictures and its soulution in the last picture. Please provide the folowing for the first part Please
This is a problem in the first two pictures and its soulution in the last picture. Please provide the folowing
for the first part Please provide every calculation for the chart especially the "Amort of discount (Premium).
for a) where does 17,708 come from, where does $639,758 and where does the 25% come from or ,25
for b) where does EVERY number in the calculation come from, $31,000, $16,538, $16,426, 112, $30,051
for c) Where does 624 and 512 come from?
$569 = ($1,061 $624 + 512) 0.60 |
$380* = ($1,061 $624 + 512) 0.40 I will rate a thumbs up!!! |
Stang Corporation issued to Bradley Company $620,000 par value, 10-year bonds with a coupon rate of 11 percent on January 1, 20X5, at 104. The bonds pay interest semiannually on July 1 and January 1. On January 1, 20X8, Purple Corporation purchased $155,000 of the bonds from Bradley for $161,000. Purple owns 60 percent of the voting common shares of Stang and prepares consolidated financial statements Required. a. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X8. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your market rate of interest to 3 decimals. For example, .0547523 should be rounded to 5.475%.) 0 Event Accounts Debit Credit Bonds payable Premium on bonds payable Interest income Constructive loss on bond retirement 155,000 4,427 16,426 1,061 Investment in Stang Corporation bonds Interest expense 160,376 16,538 Interest payable 8,525 Interest receivable 8,525 b. Assuming that Stang reports net income of $31,000 for 20X8, compute the amount of income assigned to noncontrolling shareholders in the 20X8 consolidated income statement. (Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) Noncontrolling interest $ 12.020-0.1% Stang Corporation issued to Bradley Company $620,000 par value, 10-year bonds with a coupon rate of 11 percent on January 1, 20X5, at 104. The bonds pay interest semiannually on July 1 and January 1. On January 1, 20X8, Purple Corporation purchased $155,000 of the bonds from Bradley for $161,000. Purple owns 60 percent of the voting common shares of Stang and prepares consolidated financial statements Required. a. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X8. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your market rate of interest to 3 decimals. For example, .0547523 should be rounded to 5.475%.) 0 Event Accounts Debit Credit Bonds payable Premium on bonds payable Interest income Constructive loss on bond retirement 155,000 4,427 16,426 1,061 Investment in Stang Corporation bonds Interest expense 160,376 16,538 Interest payable 8,525 Interest receivable 8,525 b. Assuming that Stang reports net income of $31,000 for 20X8, compute the amount of income assigned to noncontrolling shareholders in the 20X8 consolidated income statement. (Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) Noncontrolling interest $ 12.020-0.1%
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