Book Print Exercise 8-10A (Static) Loss on Constructive Retirement (Straight-Line Method) LO 8-2 Par Corporation holds 60 percent of Short Publishing Company's voting shares. Par issued $500,000 of 10 percent bonds with a 10- year maturity on January 1, 20X2, at 90. On January 1, 20X8, Short purchased $100,000 of the Par bonds for $106,000. 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. Investnenir in Short Publishing Company Stock Investmen in Par Corporation Bonds Bonds Payable Discount on Bonds Payable Interest Expense rences Interest Income Interest Payable Par Corporation $141,000 Short Publishing Company $ 104,676 500,000 21,289 55,626 8,676 25,000 5,000 Interest Receivable Required: Prepare the worksheet consolidation entry or entries needed on December 31, 20XB, to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. view transaction list Consolidation Worksheet Entries Record the entry to eliminate the effects of the intercompany ownership in bonds for 20x8. Note: Enter debits before credits. >