On January 1, 2018, Jolley Corp. paid $250,000 for 25% of the voting common stock of Tige Co. On that date, the book value of Tige was $850,000. A building with a carrying value of $160,000 was actually worth $220,000.
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On July 1, 2020, when the market rate of interest was 12%, TTS Corporation issued $100,000 of 10%, 10 year bonds, interest payable June 30 and December 31. The bonds were issued at 93. TTS's fiscal year ends December 31.
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