Separate Company and Consolidated Income Statements for Pitta and Sojourn

question 28

Essay

Separate company and consolidated income statements for Pitta and Sojourn Corporations for the year ended December 31,2011 are summarized as follows:
The interest income and expense eliminations relate to a $100,000,9% bond issue that was issued at par value and matures on January 1,2016.On January 2,2011,a portion of the bonds was purchased and constructively retired.
Required: Answer the following questions.
1.Which company is the issuing affiliate of the bonds payable?
2.What is the gain or loss from the constructive retirement of the bonds payable that is reported on the consolidated income statement for 2011?
3.What portion of the bonds payable is held by nonaffiliates at December 31,2011?
4.Is Sojourn a wholly-owned subsidiary? If not,what percentage does Pitta own?
5.Does the purchasing affiliate use straight-line or effective interest amortization?
6.Explain the calculation of Pitta's $19,900 income from Sojourn.

Appreciate the diversity of sexual expression in individuals with disabilities.

Identify the effects of specific drugs on sexual activities and health.

Acknowledge the relationship between physical health, including eating disorders, and sexuality.

Define sexual health and its criteria for both men and women.

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Definitions:

Request An Interview

The act of formally asking for a meeting, typically for the purpose of discussing employment opportunities or journalistic inquiries.

Acquaintance

A person whom one knows but who is not a close friend.

Workforce

The collective group of individuals engaged in or available for work, either in a specific region or in the broader economy.

Increased Slightly

Indicates a minor or modest rise in quantity, degree, or level of a particular measure or condition.