The writer is very fast, professional and responded to the review request fast also. Thank you.
Problem 6-26 [LO2]Cairns owns 70 percent of the voting stock of Hamilton, Inc. The parent’s interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its internal records to account for its investment in Hamilton.On January 1, 2010, Hamilton sold $1,100,000 in 10-year bonds to the public at 110. The bonds had a cash interest rate of 8 percent payable every December 31. Cairns acquired 45 percent of these bonds at 92 percent of face value on January 1, 2012. Both companies utilize the straight-line method of amortization.Prepare the consolidation worksheet entries to recognize the effects of the intra-entity bonds at each of the following dates.a. December 31, 2012.Event General Journal Debit Credit Entry B (Click to select)Gain on Retirement of BondsInterest ExpensePremium on Bonds PayableInterest IncomeAmortization ExpenseInvestment in BondsInvestment in HamiltonBonds Payable (Click to select)Premium on Bonds PayableBonds PayableInvestment in BondsInvestment in HamiltonInterest ExpenseAmortization ExpenseInterest IncomeGain on Retirement of Bonds (Click to select)Investment in HamiltonGain on Retirement of BondsInterest ExpenseAmortization ExpenseInterest IncomeBonds PayablePremium on Bonds PayableInvestment in Bonds (Click to select)Premium on Bonds PayableInterest IncomeAmortization ExpenseInvestment in BondsBonds PayableInvestment in HamiltonInterest ExpenseGain on Retirement of Bonds (Click to select)Gain on Retirement of BondsInvestment in BondsInterest ExpenseBonds PayablePremium on Bonds PayableInvestment in HamiltonAmortization ExpenseInterest Income (Click to select)Gain on Retirement of BondsInterest ExpenseInterest IncomeInvestment in HamiltonInvestment in BondsBonds PayableAmortization ExpensePremium on Bonds Payable b. December 31, 2013.Event General Journal Debit Credit Entry *B (Click to select)Gain on Retirement of BondsInterest ExpenseAmortization ExpenseInvestment in HamiltonInvestment in BondsInterest IncomeBonds PayablePremium on Bonds Payable (Click to select)Investment in HamiltonInterest IncomeInterest ExpenseGain on Retirement of BondsInvestment in BondsAmortization ExpensePremium on Bonds PayableBonds Payable (Click to select)Investment in BondsInterest ExpenseGain on Retirement of BondsInterest IncomeBonds PayableInvestment in HamiltonPremium on Bonds PayableAmortization Expense (Click to select)Amortization ExpenseInterest IncomeInterest ExpenseGain on Retirement of BondsBonds PayableInvestment in BondsInvestment in HamiltonPremium on Bonds Payable (Click to select)Interest ExpenseBonds PayablePremium on Bonds PayableGain on Retirement of BondsInvestment in HamiltonAmortization ExpenseInterest IncomeInvestment in Bonds (Click to select)Interest ExpenseInterest IncomeAmortization ExpenseGain on Retirement of BondsInvestment in BondsPremium on Bonds PayableBonds PayableInvestment in Hamilton c. December 31, 2014.Event General Journal Debit Credit Entry *B (Click to select)Interest ExpenseInvestment in HamiltonInterest IncomePremium on Bonds PayableGain on Retirement of BondsInvestment in BondsAmortization ExpenseBonds Payable (Click to select)Bonds PayableInterest IncomeInvestment in BondsAmortization ExpensePremium on Bonds PayableGain on Retirement of BondsInterest ExpenseInvestment in Hamilton (Click to select)Investment in BondsInterest ExpensePremium on Bonds PayableInvestment in HamiltonGain on Retirement of BondsAmortization ExpenseBonds PayableInterest Income (Click to select)Investment in BondsPremium on Bonds PayableInterest ExpenseInterest IncomeInvestment in HamiltonGain on Retirement of BondsAmortization ExpenseBonds Payable (Click to select)Amortization ExpenseInterest IncomeBonds PayablePremium on Bonds PayableInterest ExpenseGain on Retirement of BondsInvestment in BondsInvestment in Hamilton (Click to select)Interest IncomePremium on Bonds PayableBonds PayableGain on Retirement of BondsAmortization ExpenseInvestment in HamiltonInvestment in BondsInterest Expense
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more