2023年最全江西财经大学高级财务会计国际学院题库.doc
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1、Advanced Accounting, 11e (Beams/Anthony/Bettinghaus/Smith)Chapter 7 Intercompany Profit Transactions - BondsMultiple Choice Questions1) If the price paid by a parent company to acquire the debt of a subsidiary is greater than the book value of the liability, a _ occurs.A) realized loss on the retire
2、ment of debt from the viewpoint of the subsidiaryB) realized gain on the retirement of debt from the viewpoint of the subsidiaryC) constructive loss on the retirement of debt from the viewpoint of the consolidated entityD) constructive gain on the retirement of debt from the viewpoint of the consoli
3、dated entityAnswer: CObjective: LO1Difficulty: Easy2) If an affiliate purchases bonds in the open market, the book value of the intercompany bond liability at the time of purchase isA) always assigned to the parent company because it has control.B) the par value of the bonds less the unamortized dis
4、count or plus the unamortized premium.C) par value.D) the par value of the bonds plus the unamortized discount or less the unamortized premium.Answer: BObjective: LO1Difficulty: Easy3) Bonds issued by a company remain on their books as a liability, but are considered constructively retired whenA) th
5、e company borrows money from unaffiliated entities to re-purchase its own bonds at a gain.B) The company borrows money from an affiliate to re-purchase its own bonds at a gain.C) The companys parent or subsidiary purchases the bonds from outside entities.D) The company borrows money from an affiliat
6、e to repurchase its own bonds at a gain or at a loss.Answer: CObjective: LO1Difficulty: EasyUse the following information to answer the question(s) below.Pascalian Company owns a 90% interest in Sapp Company. On January 1, 2023, Pascalian had $300,000, 6% bonds outstanding with an unamortized premiu
7、m of $9,000. The bonds mature on December 31, 2023. Sapp acquired one-third of Pascalians bonds in the open market for $97,000 on January 1, 2023. Both companies use straight-line amortization of bond discounts/premiums. Interest is paid on December 31. On December 31, 2023, the books of the two aff
8、iliates held the following balances:Pascalians books6% bonds payable$300,000Premium on bonds7,200Interest expense16,200Sapps booksInvestment in Pascalian bonds$ 97,600Interest income6,6004) The gain from the bond purchase that appeared on the December 31, 2023 consolidated income statement wasA) $4,
9、320.B) $4,800.C) $5,400.D) $6,000.Answer: DExplanation: D) Book value of Pascalians bonds acquired by Sapp equals 1/3times ($300,000 + $9,000)$103,000Less: Cost of acquiring Pascalian bonds( 97,000)Constructive gain on bonds$ 6,000Objective: LO2Difficulty: Moderate5) Consolidated Interest Expense an
10、d consolidated Interest Income, respectively, that appeared on the consolidated income statement for the year ended December 31, 2023 wasA) $10,800 and $0.B) $10,800 and $6,600.C) $0 and $0.D) $16,200 and $6,600.Answer: AExplanation: A) Consolidated interest expense =$16,200 2/3$10,800Objective: LO2
11、Difficulty: Moderate6) Prussia Corporation owns 80% the voting stock of Stad Corporation. On January 1, 2023, Prussia paid $391,000 cash for $400,000 par of Stads 10% $1,000,000 par value outstanding bonds, due on April 1, 2023. Stads bonds had a book value of $1,045,000 on January 1, 2023. Straight
12、-line amortization is used. The gain or loss on the constructive retirement of $400,000 of Stad bonds on January 1, 2023 was reported in the 2023 consolidated income statement in the amount ofA) $14,000.B) $21,600.C) $23,000.D) $27,000.Answer: DObjective: LO2Difficulty: ModerateUse the following inf
13、ormation to answer the question(s) below.Pfadt Inc. had $600,000 par of 8% bonds payable outstanding on January 1, 2023 due January 1, 2023 with an unamortized discount of $12,000. Senat is a 90%-owned subsidiary of Pfadt. On January 2, 2023, Senat Corporation purchased $150,000 par value of Pfadts
14、outstanding bonds for $152,000. The bonds have interest payment dates of January 1 and July 1. Straight-line amortization is used.7) With respect to the bond purchase, the consolidated income statement of Pfadt Corporation and Subsidiary for 2023 showed a gain or loss ofA) $ 4,500.B) $ 5,000.C) $10,
15、800.D) $12,000.Answer: BExplanation: B) ($588,000 0.25) -$152,000Objective: LO2Difficulty: Moderate8) Bond Interest Receivable for 2023 of Pfadts bonds on Senats books wasA) $5,400.B) $6,000.C) $10,800.D) $12,000.Answer: BExplanation: B) $150,000 8% 1/2Objective: LO2Difficulty: Moderate9) Bonds Paya
16、ble appeared in the December 31, 2023 consolidated balance sheet of Pfadt Corporation and Subsidiary in the amount ofA) $398,925.B) $441,000.C) $443,250.D) $450,000.Answer: CExplanation: C) $591,000 75%Objective: LO2Difficulty: ModerateUse the following information to answer the question(s) below.Pl
17、enty Corporation issued six thousand, $1,000 par, 6% bonds on January 1, 2023, at par. Interest is paid on January 1 and July 1 of each year; the bonds mature on January 1, 2023. On January 2, 2023, Scrawn Corporation, a 75%-owned subsidiary of Plenty, purchased 3,000 of the bonds on the open market
18、 at 102.50. Plentys separate net income for 2023 included the annual interest expense for all 3,000 bonds. Scrawns separate net income for 2023 was $400,000, which included the bond interest received on July 1 as well as the accrual of bond interest revenue earned on December 31. Both companies use
19、straight-line amortization of bond discounts/premiums.10) What was the amount of gain or (loss) from the intercompany purchase of Plentys bonds on January 2, 2023?A) $(56,250)B) $(75,000)C) $ 75,000D) $ 56,250Answer: BExplanation: B) Total book value acquired =$6,000,000 50% $3,000,000Purchase price
20、 3,000 $1,025 3,075,000Loss on constructive retirement$ 75,000Objective: LO2Difficulty: Moderate11) If the bonds were originally issued at 106, and 80% of them were purchased by Scrawn on January 2, 2023 at 98, the gain or (loss) from the intercompany purchase wasA) $(384,000).B) $(211,200).C) $ 211
21、,200.D) $ 384,000.Answer: CExplanation: C) Book value at January 2, 2023 equals $6,360,000 minus $216,000= $6,144,000Percentage of bonds acquired 80%Equals book value acquired4,915,200Purchase price 4,800 bonds $980= 4,704,000Gain on constructive retirement=$ 211,200Objective: LO2Difficulty: Moderat
22、e12) If the bonds were originally issued at 103, and 70% of them were purchased on January 2, 2023 at 104, the constructive gain or (loss) on the purchase wasA) $(142,800).B) $( 42,000).C) $ 42,000.D) $ 142,800.Answer: AExplanation: A) Book value at January 2, 2023 equals $6,180,000 minus $144,000 $
23、6,036,000Percentage of bonds acquired 70%Equals book value acquired 4,225,200Purchase price 4,200 bonds $1,040 4,368,000Loss on constructive retirement $ 142,800Objective: LO2Difficulty: Moderate13) Using the original information, the amount of consolidated Interest Expense for 2023 wasA) $ 135,000.
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