packed corporation owns $70\%$ of snowball enterprises stock. on january $,1$x$,$ packed sold $$1$ million par value, $7\%($paid semiannually$),20$ year, first mortgage bonds to kling corporation at $97.$ On january $1,20$x$9,$ snowball purchased $$300,000$ par value of the packed bonds directly from kling for $$296,880.$ Record the entry to eliminate the effects of the intercompany ownership in bonds for $20$x$8.$