On January 1, 2020. Purse corporation purchased 80% of the outstanding common shares of Scarf company. On January 2, 2020, Purse purchased the $10,000 face amount, 8% bond of Scarf for $8,500 to yield 10%. These bonds represented 10% of the outstanding class of bonds issued at par by Scarf. Interest is paid annually at year-end. Purse Intends to hold the bonds until maturity. Scarf reported net Income of $3,000 and Purse reported net Income of $5,000 during 2020. (Q1) What is the constructive gain(loss) on bond retirement from above transaction? Please complete the following journal entry to answer the question. Debit 1 Credit Interest revenue Bonds payable (Q2) What is the consolidated net Income? (Q3) Net Income attributable to NCI (Non-controlling Interest)? On January 1, 2020. Purse corporation purchased 80% of the outstanding common shares of Scarf company. On January 2, 2020, Purse purchased the $10,000 face amount, 8% bond of Scarf for $8,500 to yield 10%. These bonds represented 10% of the outstanding class of bonds issued at par by Scarf. Interest is paid annually at year-end. Purse Intends to hold the bonds until maturity. Scarf reported net Income of $3,000 and Purse reported net Income of $5,000 during 2020. (Q1) What is the constructive gain(loss) on bond retirement from above transaction? Please complete the following journal entry to answer the question. Debit 1 Credit Interest revenue Bonds payable (Q2) What is the consolidated net Income? (Q3) Net Income attributable to NCI (Non-controlling Interest)