Several years ago, Brant, Incorporated, sold $960,000 in bonds to the public. Annual cash interest...
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Several years ago, Brant, Incorporated, sold $ in bonds to the public. Annual cash interest of percent $ was to be paid on this debt. The bonds were issued at a discount to yield percent. At the beginning of Zack Corporation a wholly owned subsidiary of Brant purchased $ of these bonds on the open market for $ a price based on an effective interest rate of percent. The bond liability had a carrying amount on that date of $ Assume Brant uses the equity method to account internally for its investment in Zack. Required: a & b What consolidation entry would be required for these bonds on December and December Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Round your intermediate calculations and final answers to nearest whole number.
Several years ago, Brant, Incorporated, sold $ in bonds to the public. Annual cash interest of percent $ was to be paid on this debt. The bonds were issued at a discount to yield percent. At the beginning of Zack Corporation a wholly owned subsidiary of Brant purchased $ of these bonds on the open market for $ a price based on an effective interest rate of percent. The bond liability had a carrying amount on that date of $ Assume Brant uses the equity method to account internally for its investment in Zack.
Required:
a & b What consolidation entry would be required for these bonds on December and December
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field. Round your intermediate calculations and final answers to nearest whole number.
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