Packed Corporation owns 70 percent of Snowball Enterprises' stock. On January 1, 20X1, Packed sold $1.03 million par value, 10 percent (paid semiannually), 20-year, first mortgage bonds to Kling Corporation at 97. On January 1, 20X8, Snowball purchased $309,000 par value of the Packed bonds directly from Kling for $305,880. Required: Prepare the consolidation entry needed at December 31,208, to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round you intermediate calculations. Round your final answers to nearest whole dollar