On January 1, 20X4, Polar Corp. paid $104,000 for $100,000 par value, 9% bonds of Seal Corp. Seal had issued $300,000 of the 10-year bonds on January 1, 20X2 for $360,000. The bonds pay interest semi-annually. Polar had previously purchased 80% of the common stock of Seal on January 1, 20X1, at underlying book value. Polar reported operating income (excluding income from subsidiaries) of $50,000 and Seal reported net income of $30,000 for 20X4. Both companies use straight-line amortization. What amount of interest expense and gain/loss should be included in the 20X4 consolidated income statement

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.