Please explain what I am doing wrong
Purse Corporation owns 70 percent of Scarf Company's voting shares. On January 1,203, Scarf sold bonds with a par value of $682,500 at 98 . Purse purchased $455,000 par value of the bonds; the remainder was sold to nonaffillates. The bonds mature in five years and pay an annual Interest rate of 8 percent. Interest is paid semiannually on January 1 and July 1. Requlred: a. What amount of Interest expense should be reported in the 204 consolidated income statement? (Do not round your Intermedlate calculations. Round your final answer to nearest whole dollar.) b. Prepare the journal entries Purse recorded during 204 with regard to its investment in Scarf bonds. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Do not round your Intermedlate calculations. Round your flnal answers to nearest whole dollar.) . Prepare all worksheet consolidation entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financlal statements for 204. (If no entry is required for a transactlon/event, select "No journal entry required" In the Irst account fleld. Do not round your Intermedlate calculations. Round your final answers to nearest whole dollar.) Purse Corporation owns 70 percent of Scarf Company's voting shares. On January 1,203, Scarf sold bonds with a par value of $682,500 at 98 . Purse purchased $455,000 par value of the bonds; the remainder was sold to nonaffillates. The bonds mature in five years and pay an annual Interest rate of 8 percent. Interest is paid semiannually on January 1 and July 1. Requlred: a. What amount of Interest expense should be reported in the 204 consolidated income statement? (Do not round your Intermedlate calculations. Round your final answer to nearest whole dollar.) b. Prepare the journal entries Purse recorded during 204 with regard to its investment in Scarf bonds. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. Do not round your Intermedlate calculations. Round your flnal answers to nearest whole dollar.) . Prepare all worksheet consolidation entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financlal statements for 204. (If no entry is required for a transactlon/event, select "No journal entry required" In the Irst account fleld. Do not round your Intermedlate calculations. Round your final answers to nearest whole dollar.)
