Homework Answers
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| Part 1 | Loss on constructive retirement of bonds | ||
| Purchase price of $50,000 par bonds April 1, 2006 | $ 53,600 | ||
| Book value of bonds acquired: | |||
| Par value | $ 100,000 | ||
| Less: Unamortized discount $1,800 for 27 of 36 months | $ 2,400 | ||
| Book value of bonds | $ 97,600 | ||
| Intercompany bonds | 50% | $ 48,800 | |
| Loss on constructive retirement of bonds | $ 4,800 | ||
| Part 2 | Interest income and expense | ||
| Interest income in consolidated income statement — 2006 | $ - | ||
| Interest expense in consolidated income statement — 2006 | |||
| $8,800 - ($8,800 3/4 year 50%) | $ 5,500 | ||
| Part 3 | Interest receivable and payable | ||
| Interest receivable in consolidated balance sheet at Dec 2006 | $ - | ||
| Interest payable in consolidated balance sheet at Dec 2006 | $ 1,000 | ||
| Part 4 | Consolidation working paper entries | ||
| Loss on constructive retirement of bonds | $ 4,800 | ||
| 8% bonds payable | $ 49,100 | ||
| Interest income | $ 2,100 | ||
| Investment in Pan bonds | $ 52,700 | ||
| Interest expense | $ 3,300 | ||
| Interest payable | $ 1,000 | ||
| Interest receivable | $ 1,000 | ||
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Problem 5
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The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below:...
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The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. ...
The December 31, 2021, adjusted trial balance for Fightin' Blue
Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,600
Accounts Receivable
136,000
Prepaid Rent
4,600
Supplies
23,000
Equipment
260,000
Accumulated Depreciation
$
121,000
Accounts Payable
10,600
Salaries Payable
9,600
Interest Payable
3,600
Notes Payable (due in two years)
26,000
Common Stock
160,000
Retained Earnings
46,000
Service Revenue
360,000
Salaries Expense
260,000
Rent Expense
13,000
Depreciation Expense
26,000
Interest Expense
3,600
Totals
$
736,800
$
736,800
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The December 31, 2021, adjusted trial balance for Fightin' Blue
Hens Corporation is presented below.
Accounts
Debit
Credit
Cash
$
10,600
Accounts Receivable
136,000
Prepaid Rent
4,600
Supplies
23,000
Equipment
260,000
Accumulated Depreciation
$
121,000
Accounts Payable
10,600
Salaries Payable
9,600
Interest Payable
3,600
Notes Payable (due in two years)
26,000
Common Stock
160,000
Retained Earnings
46,000
Service Revenue
360,000
Salaries Expense
260,000
Rent Expense
13,000
Depreciation Expense
26,000
Interest Expense
3,600
Totals
$
736,800
$
736,800
Prepare an...
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