Packed Corporation owns 70 percent of Snowball Enterprises' stock. On January 1, 20x1, Packed soid $1 milion par value, 7 percent (pald semiannually, 20 -year, first mortgage bonds to King Corporation at 97 On January 1,208, Snowball purchased $300,000 par value of the Packed bonds directly from King for $296,880 Note: Assume using straight-tine amortizaton of bond discount of premium. Required: Prepare the consolidation entry needed at December 31,208, to remove the effects of the intercorporate bond ownership in preparing consolidoted financial statements. (If no entry is required for o transoction/event, select "No journal entry requirec" in the first occount field.)