Stevens company has had bonds payable of $10,000 outstanding for several years. on january 1, 2018, 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 2018.
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Stevens company has had bonds payable of $10,000 outstanding for several years. on january 1, 2018,...
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