Solved: On january 1 2010 parent lends its 60 owned subsidiary, Accounting Basics

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On january 1 2010 parent lends its 60 owned subsidiary

Question - On January 1, 2010 parent lends its 60% owned subsidiary $2,000,000 at 10% annual interest.

A. How much interest income is recorded by the parent in 2010?

B. How much interest expense is recorded by the subsidiary in 2010?

C. How much is consolidated interest income?

D. How much is consolidation interest expense?

E. How much is consolidation loan receivable?

F. How much is consolidated loan payable?

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Accounting Basics: On january 1 2010 parent lends its 60 owned subsidiary

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Accounting Basics: On january 1 2010 parent lends its 60 owned subsidiary

Reference No:- TGS02821896

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