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Determining the Amount of Retirement Gain or Loss (Straight-Line Method) Online Enterprises owns 95 percent...

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Accounting

Determining the Amount of Retirement Gain or Loss (Straight-Line Method) Online Enterprises owns 95 percent of Downlink Corporation. On January 1, 20X1, Downlink issued $200,000 of five-year bonds at 115. Annual interest of 12 percent is paid semiannually on January 1 and July 1. Online purchased $100,000 of the bonds on August 31, 20X3, at par value. The following balances are taken from the separate 20X3 financial statements of the two companies: Compute the amount of interest expense that should be reported in the consolidated income statement for 20X3.

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