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What consolidation entry would be required for these bonds

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Question - Several years ago Brant, Inc., sold $900 090 in bonds to the public Annual cash interest of 9 percent ($81,000) was to be paid on this debt. The bonds were issued at a discount to yield 12 percent. At the beginning of 2013 Zack Corporation a wholly owned subsidiary of Brant purchased $180 000 of these bonds on the open market for $201 090 a price based on an effective interest rate of 7 percent. The bond liability had a book value on that date of $760,000. Assume Brant uses the equity method to account internally for its investment in Zack.

What consolidation entry would be required for these bonds on December 31, 2013 and December 31, 2015?

Reference no: EM132190412

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