Solved: On jan 1 2014 the sub issues 400000 75 8 year bonds at 92, Accounting Basics

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On jan 1 2014 the sub issues 400000 75 8 year bonds at 92

Question - On Jan 1, 2014, the Sub issues $400,000 7.5% 8 year bonds at 92% interest payable annually on Dec 31. The Sub is 85% owned by the Parent. On Jan 1, 2017, the Parent purchases the Sub's Bonds for $412,500.

Required: Record the Elimination and Adjustment Entries for Dec 31, 2017 & 2018.

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Accounting Basics: On jan 1 2014 the sub issues 400000 75 8 year bonds at 92

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