Apple owns 80% of Pear. Apple håd á bónd payable outstanding on January 1, 2010 with a book alue of $212,000. Pear purchases the bond in the open market for $199,000. How much is the cain or loss on retirement of the bond (show your calculation). - Came facts as #2 with Pear reporting interest income of $22,000 and Apple reporting interest expense of $21,000. How much is consolidated income in 2010.
Apple owns 80% of Pear. Apple håd á bónd payable outstanding on January 1, 2010 with a book alue of $212,000. Pear purchases the bond in the open market for $199,000. How much is the cain or loss on retirement of the bond (show your calculation). - Came facts as #2 with Pear reporting interest income of $22,000 and Apple reporting interest expense of $21,000. How much is consolidated income in 2010.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:**Text and Question Transcription for Educational Website:**
2. Apple owns 80% of Pear. Apple had a bond payable outstanding on January 1, 2010, with a book value of $212,000. Pear purchases the bond in the open market for $199,000. How much is the gain or loss on retirement of the bond (show your calculation).
3. Same facts as #2 with Pear reporting interest income of $22,000 and Apple reporting interest expense of $21,000. How much is consolidated income in 2010.
4. Which special purpose entities must be consolidated
5. Who is required to consolidate a variable interest entity
6. What are the criteria to determine if a primary beneficiary exists
**Explanation:**
The text is a series of financial questions related to the consolidation of financial statements, gain or loss calculations, and entities management. The numbered items address specific scenarios and inquiries about financial and accounting practices. There are no graphs or diagrams present in the image.
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