On jan 1 2013 the sub issues 550000 in 6 8 year bonds at, Financial Accounting

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On jan 1 2013 the sub issues 550000 in 6 8 year bonds at

On Jan 1, 2013 the Sub issues $550,000 in 6% 8 year Bonds at 103%, interest payable Dec 31. On June 30, 2017, the Parent acquires the Sub’s bonds for $498,500. The Sub is 65% owned by the parent.

Required:

Record the elimination entries for Dec 31, 2017 and 2018

What is the impact on the Sub’s Net Income for 2017?

What is the impact on the Sub’s Income for 2018?

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Financial Accounting: On jan 1 2013 the sub issues 550000 in 6 8 year bonds at

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Financial Accounting: On jan 1 2013 the sub issues 550000 in 6 8 year bonds at

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