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04 Stang Corporation issued to Bradley Company $580.000 par value, 10-year bonds with a coupon rate of 11 percent on January 1, 20X5 at
04 Stang Corporation issued to Bradley Company $580.000 par value, 10-year bonds with a coupon rate of 11 percent on January 1, 20X5 at 103. The bonds pay interest semiannually on July 1 and January 1. On January 1, 20X8, Purple Corporation purchased $145,000 of the bonds from Bradley for $150.200. Purple owns 65 percent of the voting common shares of Stang and prepares consolidated financial statements Required: a. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.)
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