Apple Corporation holds 60 percent of Shortway Publishing Companys voting shares. Apple issued $600,000 of 12 percent bonds with a 10-year maturity on January 1, 20X2, at 90. On January 1, 20X8, Shortway purchased $120,000 of the Apple bonds for $126,000. Partial trial balances for the two companies on December 31, 20X8, are as follows:

Note: Assume using straight-line amortization of bond discount or premium.

	Apple Corporation			Shortway Publishing Company
Investment in Shortway Publishing Company Stock	$	138,000
Investment in Apple Corporation Bonds				$	126,000
Bonds Payable		600,000
Discount on Bonds Payable		13,000
Interest Expense		51,000
Interest Income					8,500
Interest Payable		28,000
Interest Receivable					7,200

Required:

Prepare the worksheet consolidation entry or entries needed on December 31, 20X8, to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements.

1	Bonds payable
	Interest income
	Loss on bond retirement
	Discount on bonds payable
	Interest expense
	Investment in Apple Corporation bonds

2	Interest payable	7,200
	Interest receivable		7,200

please write the correct number.