A Parent Company owns 100% of its Subsidiary. During 2018, the Parent company reports net income (by itself, without any investment income from its Subsidiary) of $1,850,000 and the subsidiary reports net income of $700,000. The Parent had a bond payable outstanding on July 1, 2018, with a carrying value equal to $930,000. The Subsidiary acquired the bond on July 1, 2018 for $860,000. During 2018, the Parent reported interest expense (related to the bond) of $80,000 while the Subsidiary reported interest income (related to the bond) of $37,000.
What is consolidated net income for the year ended December 31, 2018?
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A Parent Company owns 100% of its Subsidiary. During 2018, the Parent company reports net income (by...
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