Pants Corporation acquired 75 percent of Shirt Company's voting shares on January 1, 20X7, at underlying book value. On December 31, 20X7, it also purchased $300,000 par value, 9 percent Shirt bonds, which had been issued on January 1, 20X3, to Parry Corporation (unaffiliated with either Pants or Shirt) at a $20,000 premium. The bonds were originally issued with a 10-year maturity and pay interest annually on December 31. During preparation of the consolidated financial statements for December 31, 20X7, the following consolidation entry was included in the consolidation worksheet: Bonds Payable Bond Premium 300,000 11,902 Loss on Bond Retirement 12,098 Investment in Shirt Company Bonds 324,000 Based on the information given above, what was the carrying amount of the bonds on Shirt's books on the date of purchase by Pants? $300,000 $311,902 $312,098 $324,000 Pants Corporation acquired 75 percent of Shirt Company's voting shares on January 1, 20X7, at underlying book value. On December 31, 20X7, it also purchased $300,000 par value, 9 percent Shirt bonds, which had been issued on January 1, 20X3, to Parry Corporation (unaffiliated with either Pants or Shirt) at a $20,000 premium. The bonds were originally issued with a 10-year maturity and pay interest annually on December 31. During preparation of the consolidated financial statements for December 31, 20X7, the following consolidation entry was included in the consolidation worksheet: Bonds Payable 300,000 Bond Premium 11,902 Loss on Bond Retirement 12,098 Investment in Shirt Company Bonds 324,000 Based on the information given above, what price did Pants pay to purchase the Shirt bonds? $300,000 $311,902 $324,000 $312,098