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Police Corporation purchased percent of Station Company's voting shares on January at underlying book value. On that date it also purchased $ par value percent Station bonds, which had been issued on January with a year maturity.
During preparation of the consolidated financial statements for December the following consolidation entry was made in the worksheet:
tableConsolidation Worksheet Entries,Debit,CreditBonds Payable,Bond Premium,Loss on Bond Retirement,Interest Income,?,Investment in Station Company Bonds,,Interest Expense,,?
