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1、AdvancedAccounting,11e(Beams/Anthony/Bettinghaus/Smith)Chapter7IntercompanyProfitTransactions-BondsMultipleChoiceQuestions1)Ifthepricepaidbyaparentcompanytoacquirethedebtofasubsidiaryisgreaterthanthebookvalueoftheliability,a________occurs.A)realizedlossontheretire
2、mentofdebtfromtheviewpointofthesubsidiaryB)realizedgainontheretirementofdebtfromtheviewpointofthesubsidiaryC)constructivelossontheretirementofdebtfromtheviewpointoftheconsolidatedentityD)constructivegainontheretirementofdebtfromtheviewpointoftheconsolidatedentityA
3、nswer:CObjective:LO1Difficulty:Easy2)Ifanaffiliatepurchasesbondsintheopenmarket,thebookvalueoftheintercompanybondliabilityatthetimeofpurchaseisA)alwaysassignedtotheparentcompanybecauseithascontrol.B)theparvalueofthebondslesstheunamortizeddiscountorplustheunamortiz
4、edpremium.C)parvalue.D)theparvalueofthebondsplustheunamortizeddiscountorlesstheunamortizedpremium.Answer:BObjective:LO1Difficulty:Easy3)Bondsissuedbyacompanyremainontheirbooksasaliability,butareconsideredconstructivelyretiredwhenA)thecompanyborrowsmoneyfromunaffil
5、iatedentitiestore-purchaseitsownbondsatagain.B)Thecompanyborrowsmoneyfromanaffiliatetore-purchaseitsownbondsatagain.C)Thecompany'sparentorsubsidiarypurchasesthebondsfromoutsideentities.D)Thecompanyborrowsmoneyfromanaffiliatetorepurchaseitsownbondsatagainorataloss.
6、Answer:CObjective:LO1Difficulty:Easy36Copyright©2012PearsonEducation,Inc.PublishingasPrenticeHallUsethefollowinginformationtoanswerthequestion(s)below.PascalianCompanyownsa90%interestinSappCompany.OnJanuary1,2010,Pascalianhad$300,000,6%bondsoutstandingwithanunamor
7、tizedpremiumof$9,000.ThebondsmatureonDecember31,2014.Sappacquiredone-thirdofPascalian'sbondsintheopenmarketfor$97,000onJanuary1,2010.Bothcompaniesusestraight-lineamortizationofbonddiscounts/premiums.InterestispaidonDecember31.OnDecember31,2010,thebooksofthetwoaffi
8、liatesheldthefollowingbalances:Pascalian'sbooks6%bondspayable$300,000Premiumonbonds7,200Interestexpense16,200Sapp'sbooksInvestmentinPascalianbonds$97,60
