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Business, 01.07.2019 21:30 kimlyn58p0wyn0

Vontkins inc. owned all of quasimota co. the subsidiary had bonds payable outstanding on january 1, 2017, with a book value of $265,000. the parent acquired the bonds on that date for $288,000. subsequently, vontkins reported interest income of $25,000 in 2017 while quasimota reported interest expense of $29,000. consolidated financial statements were prepared for 2018. what adjustment would be required for the retained earnings balance as of january 1, 2018?

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Vontkins inc. owned all of quasimota co. the subsidiary had bonds payable outstanding on january 1,...
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