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1、AdvancedAccounting,11e(Beams/Anthony/Bettinghaus/Smith)Chapter7IntercompanyProfitTransactions-BondsMultipleChoiceQuestions1)Ifthepricepaidbyaparentcompanytoacquirethedebtofasubsidiaryisgreaterthanthebookvalueoftheliability,a________occurs.A)realizedlossontheretirementofdebtfromtheviewpo
2、intofthesubsidiaryB)realizedgainontheretirementofdebtfromtheviewpointofthesubsidiaryC)constructivelossontheretirementofdebtfromtheviewpointoftheconsolidatedentityD)constructivegainontheretirementofdebtfromtheviewpointoftheconsolidatedentityAnswer:CObjective:LO1Difficulty:Easy2)Ifanaffil
3、iatepurchasesbondsintheopenmarket,thebookvalueoftheintercompanybondliabilityatthetimeofpurchaseisA)alwaysassignedtotheparentcompanybecauseithascontrol.B)theparvalueofthebondslesstheunamortizeddiscountorplustheunamortizedpremium.C)parvalue.D)theparvalueofthebondsplustheunamortizeddiscoun
4、torlesstheunamortizedpremium.Answer:BObjective:LO1Difficulty:Easy3)Bondsissuedbyacompanyremainontheirbooksasaliability,butareconsideredconstructivelyretiredwhenA)thecompanyborrowsmoneyfromunaffiliatedentitiestore-purchaseitsownbondsatagain.B)Thecompanyborrowsmoneyfromanaffiliatetore-pur
5、chaseitsownbondsatagain.C)Thecompany'sparentorsubsidiarypurchasesthebondsfromoutsideentities.D)Thecompanyborrowsmoneyfromanaffiliatetorepurchaseitsownbondsatagainorataloss.Answer:CObjective:LO1Difficulty:Easy35Copyright©2012PearsonEducation,Inc.PublishingasPrenticeHallUsethefollowinginf
6、ormationtoanswerthequestion(s)below.PascalianCompanyownsa90%interestinSappCompany.OnJanuary1,2010,Pascalianhad$300,000,6%bondsoutstandingwithanunamortizedpremiumof$9,000.ThebondsmatureonDecember31,2014.Sappacquiredone-thirdofPascalian'sbondsintheopenmarketfor$97,000onJanuary1,2010.Bothc
7、ompaniesusestraight-lineamortizationofbonddiscounts/premiums.InterestispaidonDecember31.OnDecember31,2010,thebooksofthetwoaffiliatesheldthefollowingbalances:Pascalian'sbooks6%bondspayable$300,000Premiumonbonds7,200Interestexpense16,200Sapp'sbooksInvestmentinPascalianbonds$97,60
