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Business, 17.10.2019 22:30 maryam4241
Several years ago brant, inc., sold $1,000,000 in bonds to the public. annual cash interest of 8 percent ($80,000) was to be paid on this debt. the bonds were issued at a discount to yield 10 percent. at the beginning of 2016, zack corporation (a wholly owned subsidiary of brant) purchased $200,000 of these bonds on the open market for $221,000, a price based on an effective interest rate of 6 percent. the bond liability had a carrying amount on that date of $860,000. assume brant uses the equity method to account internally for its investment in zack. a. & b. what consolidation entry would be required for these bonds on december 31, 2016 and december 31, 2018? (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. round your intermediate answers to nearest whole number.)
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