Complete the following partial worksheet for Pat Inc. and Slinger Company for the year acquisition of intercompany bonds 2013. Pat In. and Subsidiary Slinger Company Partial Consolidated Worksheet For Year Ended December 31, 2013   Trial Balance Eliminations and Adjustments   Pat Slinger Dr Cr. Interest receivable     8,000           Investment in Slinger bonds 100,898           Interest payable       (8,000)         Bonds payable   (100,000)         Premium on bonds payable          (448)         Interest income*             Interest expense*                                                         *To be entered Eliminations and Adjustments: (B1) Eliminate the intercompany bonds and the applicable interest and revenue and expense.  Record the gain or loss on retirement. (B2) Eliminate the intercompany interest payable and receivable.   PLEAS SHOW OR EXPLAIN CALCULATIONS

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Complete the following partial worksheet for Pat Inc. and Slinger Company for the year acquisition of intercompany bonds 2013.

Pat In. and Subsidiary Slinger Company

Partial Consolidated Worksheet

For Year Ended December 31, 2013

 

Trial Balance

Eliminations and Adjustments

 

Pat

Slinger

Dr

Cr.

Interest receivable

    8,000

 

 

 

 

 

Investment in Slinger bonds

100,898

 

 

 

 

 

Interest payable

 

    (8,000)

 

 

 

 

Bonds payable

 

(100,000)

 

 

 

 

Premium on bonds payable

 

       (448)

 

 

 

 

Interest income*

 

 

 

 

 

 

Interest expense*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               

*To be entered

Eliminations and Adjustments:

(B1) Eliminate the intercompany bonds and the applicable interest and revenue and expense.  Record the gain or loss on retirement.

(B2) Eliminate the intercompany interest payable and receivable.

 

PLEAS SHOW OR EXPLAIN CALCULATIONS

 

 

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