Viking Inc. owned all of Quest Co. The subsidiary had bonds payable outstanding on January...
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Viking Inc. owned all of Quest Co. The subsidiary had bonds payable outstanding on January 1, 2016, with a book value of $265K. The parent acquired the bonds on that date for $288K. Subsequently, Viking reported interest income of $25K in 2016 while Quest reported interest expense of $29K. Consolidated financial statements were prepared for 2017. What adjustment would be required for the retained earnings balance as of January 1, 2017?
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