Cone Company acquired long term 12% bonds, P2,000,000 face value for P2,192,000 including accrued interest and brokerage of P92,000 on January 1, 2003. The bonds pay semiannual interest and mature May 1, 2009. On December 31, 2003, Cone sold all bonds for P2,300,000 excluding accrued interest. What is the gain on sale of bonds?

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A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

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A: The question is based on the concept of Financial Accounting.

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A:

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A: Prepare eliminations and adjustments as explained: Result:

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Q: Tanner-UNF Corporation acquired as a long-term investment $240 million of 6% bonds, dated July 1, on…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

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