Maurice Tutor

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 12 Aug 2017 My Price 11.00

Pap Corporation

Pap Corporation acquired an 80 percent interest in Son Corporation at book value equal to fair value on January 1, 2012, at which time Son’s capital stock and retained earnings were $100,000 and $40,000, respectively. On January 2, 2013, Son purchased $50,000 par of Pap’s 8 percent, $100,000 par bonds for $48,800 three years before maturity. Interest payment dates are January 1 and July 1. During 2013, Son reports interest income of $4,400 from the bonds, and Pap reports interest expense of $8,000.
ADDITIONAL INFORMATION
1. Pap’s separate income for 2013 is $200,000.
2. Son’s net income for 2013 is $50,000.
3. Pap accounts for its investment by the equity method.
4. Straight-line amortization is applicable.
REQUIRED
1. Determine the gain or loss on the bonds.
2. Prepare the journal entries for Son to account for its bond investment during 2013.
3. Prepare the journal entries for Pap to account for its bonds payable during 2013.
4. Prepare the journal entry for Pap to account for its 80% investment in Son for 2013.
5. Calculate noncontrolling interest share and consolidated net income for 2013.

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Aug 2017 10:08 PM My Price 11.00

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