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Cartwright inc has $1,000,000 of 10% bonds outstanding on December 31, 20x8. On January 1, 20x9 adams corp and 80% owned subsidiary of Cartright, inc purchases a $250,000 part of cartwrights inc's outstanding bonds in the market for $245,000. Interest accured by 12/31/20x9 is $12,500.

Determine the eliminating entries necessary for the 20x9 consolidated financial statements

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9628305

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