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Case Facts: Monterey Company owns a majority voting interest in Del Rey, Inc. On January...

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Accounting

Case Facts:

Monterey Company owns a majority voting interest in Del Rey, Inc. On January 1, 2017, Monterey issued $1,000,000 of 8 percent 10-year bonds at $935,823.42 to yield 9 percent. On January 1, 2019, Del Rey purchased all of these bonds in the open market at a price of $946,650.74 with an effective yield of 10 percent.

1.In the space provided, prepare amortization schedules for the Monterey Company bonds payable and the Investment in Monterey Bonds for Del Rey, Inc.

2.In the space provided, prepare consolidation worksheet entry B required at December 31, 2019 to reflect the effective retirement of the Monterey bonds.

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