Please do not give image format Problem 6-28 (Algo) (LO 6-3)Cairns owns 70 percent of the voting stock of Hamilton, Inc. The parent's Interest was acquired several years ago on the date that thesubsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Calms uses theequity method in Its Internal records to account for its Investment in Hamilton.On January 1, 2017, Hamilton sold $1,000,000 in 10-year bonds to the public at 115. The bonds had a cash Interest rate of 8 percentpayable every December 31. Calms acquired 45 percent of these bonds at 88 percent of face value on January 1, 2019. Bothcompanies utilize the straight-line method of amortization.Prepare the consolidation worksheet entries to recognize the effects of the Intra-entity bonds at each of the following dates. (If noentry is required for a transaction/event, select "No journal entry required" in the first account field.)a. December 31, 2019b. December 31, 2020c. December 31, 2021 Problem 6-37 (Algo) (LO 6-6)Porter Corporation owns all 30,000 shares of the common stock of Street, Inc. Porter has 65,000 shares of its owncommon stock outstanding. During the current year, Porter earns net Income (without any consideration of itsInvestment in Street) of $232,000 while Street reports $186,000. Annual amortization of $15,000 is recognized eachyear on the consolidation worksheet based on acquisition-date fair-value allocations. Both companies have convertiblebonds outstanding. During the current year, bond-related interest expense (net of taxes) is $49,000 for Porter and$41,000 for Street. Porter's bonds can be converted into 9,000 shares of common stock; Street's bonds can beconverted into 10,000 shares. Porter owns none of these bonds.What are the earnings per share amounts that Porter should report in its current year consolidated Income statement?(Round your answers to 2 decimal places.)Answer is complete but not entirely correct.EarningsperShareBasicDilutedS 6.20S 6.00

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Problem 6-28 (Algo) (LO 6-3) Calms owns 70 percent of the voting stock of Hamilton, Inc. The parent's Interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Calms uses the equity method in its Internal records to account for Its Investment in Hamilton. On January 1, 2017, Hamilton sold $1,000,000 in 10-year bonds to the public at 115. The bonds had a cash Interest rate of 8 percent payable every December 31. Calms acquired 45 percent of these bonds at 88 percent of face value on January 1, 2019. Both companies utilize the straight-line method of amortization. Prepare the consolidation worksheet entries to recognize the effects of the Intra-entity bonds at each of the following dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. December 31, 2019 b. December 31, 2020 c. December 31, 2021

Problem 6-28 (Algo) (LO 6-3) Calms owns 70 percent of the voting stock of Hamilton, Inc. The parent's Interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Calms uses the equity method in its Internal records to account for Its Investment in Hamilton. On January 1, 2017, Hamilton sold $1,000,000 in 10-year bonds to the public at 115. The bonds had a cash Interest rate of 8 percent payable every December 31. Calms acquired 45 percent of these bonds at 88 percent of face value on January 1, 2019. Both companies utilize the straight-line method of amortization. Prepare the consolidation worksheet entries to recognize the effects of the Intra-entity bonds at each of the following dates. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. December 31, 2019 b. December 31, 2020 c. December 31, 2021

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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