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Problem - On 1/1/2019, Allie Company issued bonds payable of $500,000 at 8%. It was sold at $464,000 with effective interest rate of 9%. On 1/1/2020, Choco purchased all of Allie's bond for $532,000 cash with effective interest at 7% and Allie's bonds payable has been effectively retired.
Required -
1) Prepare a journal entry that Choco will record for bond interest income on 12/31/2020.
2) Prepare consolidation entry B on 12/31/2020?
3) Prepare a journal entry that Allie will record for bond interest expense on 12/31/2021.
4) Prepare a journal entry that Choco will record for bond interest income on 12/31/2021.
5) Prepare consolidation entry B on 12/31/2021?
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