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,,
Required:
a What price did Police pay to purchase the Station bonds?
b What was the carrying amount of the bonds on Station's books on the date of purchase?
c If Station reports net income of $ in what amount of income should be assigned to the noncontrolling interest in the consolidated income statement?
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
