please answer all parts
Several years ago Brant, Inc., sold $900,000 in bonds to the public. Annual cash interest of 9 percent (581,000) was to be paid on this debt The bonds were issued at a discount to yield 12 percent. At the beginning of 2016, Zack Corporation (a wholly owned subsidiary of Brant purchased $150,000 of these bonds on the open market for $171,000, a price based on an effective interest rate of 7 percent The bond liability had a carrying amount on that date of $780,000. Assume Brant uses the equity method to account internally for its investment in Zack a. & b. What consolidation entry would be required for these bonds on December 31, 2016 and December 31, 2018? (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate answers to nearest whole number.) view transaction list Consolidation Worksheet Entries Prepare Entry B to eliminate the intra-entity debt holdings and to recognize the loss on retirement. Several years ago Brant, Inc., sold $900,000 in bonds to the public. Annual cash interest of 9 percent ($81,000) was to be paid on this debt. The bonds were issued at a discount to yield 12 percent. At the beginning of 2016, Zack Corporation (a wholly owned subsidiary of Brant) purchased $150,000 of these bonds on the open market for $171,000, a price based on an effective interest rate of 7 percent. The bond liability had a carrying amount on that date of $780,000. Assume Brant uses the equity method to account internally for its investment in Zack a. & b. What consolidation entry would be required for these bonds on December 31, 2016 and December 31, 2018? (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate answers to nearest whole number.) view transaction list Consolidation Worksheet Entries Prepare Entry "B to eliminate the intra entity bond holdings and to adjust the Investment in Zack for the unrecognized loss on retirement Several years ago Brant, Inc., sold $900,000 in bonds to the public. Annual cash interest of 9 percent (581,000) was to be paid on this debt The bonds were issued at a discount to yield 12 percent. At the beginning of 2016, Zack Corporation (a wholly owned subsidiary of Brant purchased $150,000 of these bonds on the open market for $171,000, a price based on an effective interest rate of 7 percent The bond liability had a carrying amount on that date of $780,000. Assume Brant uses the equity method to account internally for its investment in Zack a. & b. What consolidation entry would be required for these bonds on December 31, 2016 and December 31, 2018? (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate answers to nearest whole number.) view transaction list Consolidation Worksheet Entries Prepare Entry B to eliminate the intra-entity debt holdings and to recognize the loss on retirement. Several years ago Brant, Inc., sold $900,000 in bonds to the public. Annual cash interest of 9 percent ($81,000) was to be paid on this debt. The bonds were issued at a discount to yield 12 percent. At the beginning of 2016, Zack Corporation (a wholly owned subsidiary of Brant) purchased $150,000 of these bonds on the open market for $171,000, a price based on an effective interest rate of 7 percent. The bond liability had a carrying amount on that date of $780,000. Assume Brant uses the equity method to account internally for its investment in Zack a. & b. What consolidation entry would be required for these bonds on December 31, 2016 and December 31, 2018? (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate answers to nearest whole number.) view transaction list Consolidation Worksheet Entries Prepare Entry "B to eliminate the intra entity bond holdings and to adjust the Investment in Zack for the unrecognized loss on retirement
