Key Company Has Had Bonds Payable of $20,000 Outstanding for Several

question 119

Multiple Choice

Key Company has had bonds payable of $20,000 outstanding for several years. On January 1, 2021, there was an unamortized premium of $2,000 with a remaining life of 10 years, Key's parent, Peele, Inc., purchased the bonds in the open market for $17,000. Key is a 90% owned subsidiary of Peele. The bonds pay 8% interest annually on December 31. The companies use the straight-line method to amortize interest revenue and expense. Compute the consolidated gain or loss on a consolidated income statement for 2021.

• A)$3,000 gain.
• B)$3,000 loss.
• C)$5,000 gain.
• D)$5,000 loss.
• E)$2,000 gain.

Identify and explain the significance of unconformities in geologic history.

Differentiate between different types of geologic units and structures (e.g., sedimentary layers, igneous intrusions, faults).

Apply knowledge of geologic processes to interpret the order of events in geologic cross-sections.

Explain the concept of uniformitarianism and its importance in geology.

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Definitions:

Metabolic Pathway

A series of chemical reactions occurring within a cell that leads to the transformation of one substance into another.

Intermediate Products

Goods that are used in the production process to make other goods, not intended for final consumption.

Metabolism

The set of life-sustaining chemical reactions in organisms to convert food into energy, build molecules, and eliminate waste products.

Protein Molecules

Large biomolecules composed of one or more chains of amino acids that perform a vast array of functions within organisms.