Alpha Corp. owns 100% of Beta Co. Beta has invested in Alpha Bonds with a $2 million face value. Each company's December 31, 2022 balances in connection with these bonds are shown below. Balances on Alpha's Books: Interest Expense Unamortized Bond Discount Bonds Payable Balances on Beta's Books: Investment in Bonds Unamortized Bond Premium Interest Income Dr. 52,142 22,427 Dr. 2,000,000 24,445 Cr. 2,000,000 Cr. 56,836 Required: I Prepare the consolidating entry to adjust the above amounts. Use the grid below to show your answer. Dr. Cr.

Alpha Corp. owns 100% of Beta Co. Beta has invested in Alpha Bonds with a $2 million face value. Each company's December 31, 2022 balances in connection with these bonds are shown below. Balances on Alpha's Books: Interest Expense Unamortized Bond Discount Bonds Payable Balances on Beta's Books: Investment in Bonds Unamortized Bond Premium Interest Income Dr. 52,142 22,427 Dr. 2,000,000 24,445 Cr. 2,000,000 Cr. 56,836 Required: I Prepare the consolidating entry to adjust the above amounts. Use the grid below to show your answer. Dr. Cr.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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