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Punk Corporation purchased 90 percent of Soul Company's voting common shares on January 1, 20X2, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 10 percent of the book value of Soul Company. Punk also purchased $90,000 of 6 percent, five-year bonds directly from Soul on January 1, 20X2, for $94,000. The bonds pay interest annually on December 31. The trial balances of the companies as of December 31, 20X4, are as follows: Soul Company Debit Credit $ 40,600 80,000 254,000 Punk Corporation Debit Credit $ 26,000 167,000 404,000 108,540 91,600 76,000 18,000 15,400 28,000 $ 122,000 113,200 190,000 Item Cash & Receivables Inventory Buildings & Equipment Investment in Soul Company Stock Investment in Soul Company Bonds Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Current Payables Bonds Payable Bond Premium Common Stock Retained Earnings Sales Interest Income Income from Soul Company Stock Total 69,800 13,000 4,600 18,000 $ 62,000 100,400 90,000 1,600 65,000 35,000 126,000 105,000 224,000 141,000 4,600 34,740 $934,540 $934,540 $480,000 $ 480,000 Record the basic consolidation entry. Note: Enter debits before credits. Credit Event 1 Debit 65,000 35,000 34,740 Accounts Common stock Retained earnings Income from Soul Company stock NCI in NI of Soul Company Dividends declared Investment in Soul Company stock INCI in NA of Soul Company 18,000 108,540 Record entry Clear entry view consolidation entries