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Lexi owns 80% of the voting stock of Sophie Inc. On January 1, 2010, Sophie...

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Accounting

Lexi owns 80% of the voting stock of Sophie Inc. On January 1, 2010, Sophie sold $500,000 in 20-year bonds to the public at 102. The bonds had a stated interest rate of 6% payable once a year on December 31. Lexi acquired 70% of these bonds at 93 on January 1, 2012. Both companies use the straight-line method of amortization. Prepare the consolidation worksheet entry to recognize the effects of the intra-entity bonds as of 12/31/2012.

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