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  3. 33. marigold company acquires 66, 7%, 5 year, $100

33. Marigold Company acquires 66, 7%, 5 year, $1000 Community bonds on January 1, 2020...

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Accounting

33. Marigold Company acquires 66, 7%, 5 year, $1000 Community bonds on January 1, 2020 for $66000. If Marigold sells all of its Community bonds for $70300, what gain or loss is recognized?

a. Gain of $4300

b. Loss of $4300

c. Gain of $8920

d. Loss of $8920

34. Concord Industries owns 40% of Ivanhoe Company. For the current year, Ivanhoe reports net income of $257000 and declares and pays a $60000 cash dividend. Which of the following correctly presents the journal entries to record Concords equity in Ivanhoes net income and the receipt of dividends from Ivanhoe?

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