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Assume a Parent company acquires from an unaffiliated third party bonds that were issued by...

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Accounting

Assume a Parent company acquires from an unaffiliated third party bonds that were issued by one of its subsidiaries (i.e., they are bonds payable by the Subsidiary). Describe in plain language the consolidation adjustments the Parent must make in preparing its consolidated financial statements in the year of the purchase of the Subsidiarys bonds. Describe in plain language the consolidation adjustments the Parent must make in preparing its consolidated financial statements in the years after the purchase of the Subsidiarys bonds.

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