Warren Buffett has had bonds payable of $20,000 outstanding for several years. On January 1, 2020, there was an unamortized discount of $2,000 with a remaining life of 10 years, Warren Buffett's parent, Bill Gates purchased the bonds in the open market for $21,000. Warren Buffett is a 90% owned subsidiary of Bill Gates. The bonds pay 8% interest annually on December 31. The companies use the straight line method to amortize interest revenue and expense. Compute the consolidated gain or loss on a consolidated income statement for 2020 $3,000 gain $3,000 loss. $1,000 loss $1,000 gain None of the above QUESTION 32 When John Belushi co acquired 80% of the common stock of Dan Aykroyd Corp Dan Aykroyd owned and with a book value of $75,000 and a fair value of $125.000 What amount should have been reported for the land in a consolidated balance sheet de the acquisition date? 575.000 560,000 $100,000 5125.000 None of the above QUESTION 33 1 point Wilder Co. acquired 70% of the voting common stock of Stocks Corp. on January 1, 2020. During 2020, Stocks had revenues of $2,600,000 and expenses of $2,000,000. The amortization of excess cost allocations totaled 100,000 in 2014 The non-controlling interest's share of the earnings (MIND is calculated to be Proctolog Stop sharing S16000 $160.000