Business, 19.11.2019 04:31, xXCoryxKenshinXx
Par corporation holds 60 percent of short publishing company’s voting shares. par issued $500,000 of 10 percent (paid semiannually) bonds with a 10-year maturity on january 1, 20x2, at 90. on january 1, 20x8, short purchased $100,000 of the par bonds for $106,000. partial trial balances for the two companies on december 31, 20x8, are as follows: accounts par corporation short publishing companyinvestment in short stock $141,000 investment in par bonds $104,676bonds payable $500,000 discount on bonds payable $21,289 interest expense $55,626 interest income $8,676interest payable $25,000 interest receivable $5,000prepare the worksheet consolidation entry or entries needed on december 31, 20x8, to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements.
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Par corporation holds 60 percent of short publishing company’s voting shares. par issued $500,000 of...
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