need help finding the answers for the incorrect ones . (numbers with red x next...
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need help finding the answers for the incorrect ones . (numbers with red x next to them).
Opus, Incorporated, owns 90 percent of Bloom Company On December 31, 2017. Opus acquires half of Bloom's $560000 outstanding bonds. These bonds had been sold on the open market on January 1. 2015, at a 12 percent effective rate. The bonds pay a cash interest rate of 10 percent every December 31 and are scheduled to come due on December 31, 2027 Bloom issued this debt originally for $488056. Opus paid $312,181 for this investment, indicating an 8 percent effective yield o. Assuming that both parties use the effective rate method, what gain or loss from the retirement of this debt should be reported on b. Assuming that both parties use the effective rate method, what balances should appear in the Investment in Bloom Bonds account c. Assuming that both parties use the straight-line method, what consolidation entry would be required on December 31, 2018, the consolidated income statement for 2017? on Opus's records and the Bonds Payable account of Bloom as of December 31, 2018? because of these bonds? Assume that the parent is not applying the equity method Answer is complete but not entirely correct te this question by entering your answers in the tabs below Assuming that both parties use the effective rate method, what gain or loss from the retirement of this debt reported on the consolidated income statement for 2017? (Round your intermediate calculations to the nearest dollar Loss on retir Prey 2 of 2 Next
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