Infinity Cоrpоrаtiоn purchаsed lаnd from a nonaffiliate on January 1, 20X1, for $100,000. Infinity transferred the land to its subsidiary, Trust Corporation, on July 1, 20X1, and received $150,000 as proceeds from this transaction. Trust sold the land to a high-net-worth individual for $200,000 on January 1, 20X3. Which of the following is trueof the realized gain of the consolidated group as of December 31, 20X3?
Pаncаke Cоrpоrаtiоn owns 85 percent of Syrup Corporation's voting shares. On January 1, 20X8, Pancake Corporation sold $200,000 par value 8 percent bonds to Syrup for $245,000. The bonds mature in 10 years and pay interest semiannually on January 1 and July 1. Based on the information given above, in the preparation of the 20X8 consolidated financial statements, premium on bonds payable will be: