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Stevens Company has had bonds payable of $10,000 outstanding for several years. On January 1, 2009, when there was an unamortized discount of $2,000 and a remaining life of 5 years. Its 80% owned subsidiary, Matthews Company, purchased the bonds in the open market for $11,000. The bonds pay 6% interest annually on December 31. The companies use the straight-line method to amortize interest revenue and expense.

Compute the consolidated gain or loss on a consolidated income statement for 2009.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9415519

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