I need the solution and the answer of this question. I am in a hurry, so quick response will be appreciated. Thank you!

Parent owns 70% of Subsidiary, and the controller prepared the following elimination entry for the consolidation of Subsidiary, at December 31, 2021: Dr. Bond payable Cr. Interest expense $44,000 $440,000 Please explain to the CEO (who is not an accountant) what this entry means and why it is necessary in the preparation of Parent's consolidated financial statements