Comparative income statements for Par Corporation and its 80 percent-owned subsidiary, Saw Corporation, for the year ended December 31, 2012, are summarized as follows: Par purchased its 80 percent...

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Comparative income statements for Par Corporation and its 80 percent-owned subsidiary, Saw Corporation, for the year ended December 31, 2012, are summarized as follows:

Par purchased its 80 percent interest in Saw at book value on January 1, 2011, when Saw’s assets and liabilities were equal to their fair values. On January 1, 2012, Par paid $783,000 to purchase all of Saw’s $1,000,000, 6 percent outstanding bonds. The bonds were issued at par on January 1, 2010, pay interest semiannually on June 30 and December 31, and mature on December 31, 2018.
REQUIRED: Prepare a consolidated income statement for Par Corporation and Subsidiary for the year ended December 31,2012.

Answered Same Day Dec 24, 2021

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David answered on Dec 24 2021

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Comparative income statements for Par Corporation and its 80 percent-owned subsidiary, Saw Corporation, for the year ended December 31, 2012, are summarized as follows: Par purchased its 80 percent...

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