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Compute the consolidation gain or loss

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Question - Stevens Company has had bonds payable of $10,000 outstanding for several years. On January 1, 2011, when there was an unamortized discount of $2,000 and a remaining life of 5 years, its 80% owned subsidiary, Matthews Company, purchased the bonds in the open market for $11,000. The bonds 6% interest annually on December 31. The companies use the straight line method to amortize interest revenue and expense. Compute the consolidation gain or loss on a consolidation income statement for 2011.

Reference no: EM131796121

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