for parts J and K.
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- 1. On January 1, 2010, parent lends 70% owned subsidiary $5,000,000 at 6% annual interest for two years. Subsidiary pays the accrued interest at the end of each year. Answer the following: a. How much interest income is recorded on the Parent's books in 2010. b. How much interest expense is recorded on the subsidiary's books in 2010 2. Apple owns 80% of Pear. Apple had a bond payable outstanding on January 1, 2010 with a book value of $212,000. Pear purchases the bond in openmarket for $199,000. How much is the gain or loss on retirement of the bond.On October 1, 2021, Best Company purchased as debt investments at fair value through profit or loss, P100,000, 14% bonds for 99 plus accrued interest and broker's fees. Interest is paid semi-annually on February 1 and August 1. What amount of interest revenue did Best Company report for the year ended Dec. 31, 2021? a.) P0 b.) P3,465 c.) P3,483 d.) P3,500Question:The following is the extract from trial balance of G Limited, subsidiary of Y Limited for the year ended 31 December 2021. Dr CrInventory on hand: 31/12/2020 50 000 Sales 1025000Purchases 350 000 Depreciation 25 000 Rent income 40 000Dividend paid 11 000 Other expenses 300 000 Income tax expense 145 000 Additional information: 1. Y Limited acquired its interest in G limited on the 1 st May 2021. 2.The average monthly sales of G Limited accrued evenly throughout the year.…
- Hi, I need help with letters c and d. thank you 12) On January 1, 2010 parent lends its 60% owned subsidiary $2,000,000 at 10% annual interest a) How much interest income is reported by the parent in 2010 b) How much income expense is recorded by the parent in 2010 c)How much is consolidated interest income d) How much is consolidated interest expense e) How much is consolidated loan receivable f) How much is consolidated loan payablePAR lends $10,000 to SUB (80% owned by PAR) on 7/1/2015. SUB signs a one-year, 8% Note, interest payable on the due date. The interest receivable that is reported in the 2015 consolidated balance sheet is a. 10,000 b. 800 c. 400 d. 0The year-end trial balance of Quin Ltd reports R400 000 8% debentures (issued 2004) and R16 000 as interest paid. In this regard identify the amounts to be reported as expense in the Statement of income for the year ended 31 December 2011 and as current liability on the Statement of financial position: Interest expense: R32 000; Current liability: R32 000 or Interest expense: R48 000; Current liability: R16 000, or Interest expense: R16 000; Current liability: R32 000 or Interest expense: R32 000; Current liability: R16 000.
- Kofi Nti Limited issued 12% debenture at discount, redeemable in 4 years. The debenture was issued at GH₵97,000 on January 1, 2015, and it is redeemable at par.Required:Show the entries in the statement of comprehensive income and the statement of financial position as at:• January 1, 2015• December 31, 2015• December 31, 2016• December 31, 2017• December 31, 20181/ PAR lends $10,000 to SUB (80% owned by PAR) on 7/1/2015. SUB signs a one-year, 8% Note, interest payable on the due date. What is the interest receivable that is reported in the 2015 consolidated balance sheet? 2/ Parent Subsidiary Sales $1,500,000 $500,000 Cost of Goods Sold 750,000 250,000 Operating Expenses 550,000 150,000 Net Income $200,000 $100,000 Inventory 12/31/X1 $60000 $120000 - Parent owns 80% of Subsidiary’s common stocks. - Subsidiary sold $200,000 of goods to Parent. - Of the $200,000 goods, $60,000 were not sold on 12/31/X1. - Parent and Subsidiary have a uniform margin (gross profit rate) on all of its sales. What amount will be reported as a consolidated cost of goods sold? 3/ In 2020, the parent company purchased bonds (issued by the subsidiary) from…An entity purchased 4-year debt instruments with a face value of P10,000,000 on January 1, 2019 to collect contractual cash flows that are solely payments of principal and interest. Interest is paid annually at a nominal rate of 10% that is paid every December 31. The following information is provided as follows: Date Effective Rate without Transaction Cost Effective Rate with Transaction Cost 01/01/2019 12% 13% 12/31/2019 14% 14.50% 12/31/2020 11% 11.50% 12/31/2021 9% 9.50% 12/31/2022 10.5% 11% Requirements: What is the initial carrying amount of the bond investment? What is the 2020 interest income? What is the December 31, 2020 carrying amount? If the entity changes its business model in 2020 to both collect contractual cash flows and to sell the financial asset, what is the unrealized gain or loss in equity on December 31, 2021? If the entity changes its business model in 2020 to both collect contractual cash flows and to sell the financial asset, what is the…
- An entity purchased 4 year debt instruments with a face value of P15,000,000 on January 1, 2019 to collect contractual cash flows that are solely payments of principal and interest and to sell the financial asset. Interest is paid annually at a nominal rate of 8% that is paid every December 31. The following information is provided as follows: Date Effective Rate without Transaction Cost Effective Rate with Transaction Cost 01/01/2019 8.5% 9% 12/31/2019 10% 10.5% 12/31/2020 13% 13.5% 12/31/2021 12% 12.5% 12/31/2022 11% 12% Requirements: What is the initial carrying amount of the bond investment? What is the December 31, 2019 carrying amount of the bond investment? What is the 2020 interest income? What is the cumulative unrealized gain/loss in equity on December 31, 2020? How much is the 2020 unrealized gain recognized in the statement of comprehensive income? If the entity changes its business model in 2020 to collect contractual cash flows only, what is the…Accounting Part of the adjusted trial balance of Decky Corporation and Diana Corporation, a 90% owned subsidiary of Decky, for the year ended December 31, 2020 is as follows: Decky Corporation Debit (Credit) Diana Corporation Debt (Credit) Accounts receivable ---- 2000 Invest in Bonds ---- 105400 Interest Payable (4000) Bonds Payable 8%,Due 2023 (196.400) Interest income ---- 4200 Interest expense Diana Corporation obtained Decky Bonds with a nominal value of Rp. 200000 on April 1, 2020 for Rp. 207200. Payment of interest on April 1 and October 1, and due on April 1, 2023 Requested:Determine the gains and losses on the Bonds to be presented in the 2020 consolidated statement of income and their respective allocations to subsidiaries and non-controlling interests!PAR lends $10,000 to SUB (80% owned by PAR) on 7/1/2015. SUB signs a one-year, 8% Note, interest payable on the due date. What is the interest receivable that is reported in the 2015 consolidated balance sheet?
