packed corporation owns 70% of snowball enterprises stock. on january , 1x, packed sold $1 million par value, 7% (paid semiannually), 20 year, first mortgage bonds to kling corporation at 97. On january 1, 20x9, 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 20x8.