Hunter Corporation holds 80 percent of the voting shares of Moss Company.On January 1,2008,Moss purchased $100,000 par value 12 percent first mortgage bonds of Hunter from Cruse for $115,000.Hunter originally issued the bonds to Cruse on January 1,2006,for $110,000.The bonds have a 8-year maturity from the date of issue.Moss' reported net income of $65,000 for 2008,and Hunter reported income (excluding income from ownership of Moss's stock)of $90,000.
-Based on the information given above,what amount of consolidated net income should be reported for 2008?

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The Answer of Hunter Corporation holds 80 percent of the voting shares of Moss Company.On January 1,2008,Moss purchased $100,000 par value 12 percent first mortgage bonds of Hunter from Cruse for $115,000.Hunter originally issued the bonds to Cruse on January 1,2006,for $110,000.The bonds have a 8-year maturity from the date of issue.Moss' reported net income of $65,000 for 2008,and Hunter reported income (excluding income from ownership of Moss's stock)of $90,000.
-Based on the information given above,what amount of consolidated net income should be reported for 2008?

Hunter Corporation Holds 80 Percent of the Voting Shares of Moss