Penang Corporation owns an $80$ percent interest in Minang Corporation. On October $1,2016,$ Minang issued $$100,000$ par, $10$ percent $3-$year bonds with an unamortized discount of $$20,000.$ On October $2,2016,$ Penang purchased $50$ percent of the outstanding bonds for $$48,000.$ The bonds pay interest on April $1$ and October $1,$ and are amortized using the straight$-$line method.

REQuIRED: Prepare the consolidated adjustment journal entries for Penang Corporation and Subsidiary.