Elimination Procedures for Intercompany Bonds Purchased from Outside Parties by Another

question 2

Multiple Choice

Elimination procedures for intercompany bonds purchased from outside parties by another member of the consolidated group are:

• A) not needed except in the period of acquisition if purchased at par.
• B) not needed except in the period of acquisition if purchased at a premium or discount.
• C) not needed except in the period of acquisition if only a portion of the outstanding bonds are purchased.
• D) needed each period as long as there are intercompany bonds.

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