Business, 11.12.2019 22:31, RioQNA

On january 1, 2013, point corporation acquired an 80% interest in sharp company for $2,022,000. at that time sharp company had common stock of $1,476,000 and retained earnings of $710,000. the book values of sharp company’s assets and liabilities were equal to their fair values except for land and bonds payable. the land had a fair value of $98,000 and a book value of $81,000. the outstanding bonds were issued at par value on january 1, 2008, pay 11% annually, and mature on january 1, 2018. the bond principal is $503,000 and the current yield rate on similar bonds is 9%.

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On january 1, 2013, point corporation acquired an 80% interest in sharp company for $2,022,000. at t...