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P8-15 Consolidation Worksheet with Sale of Bonds to Parent (Effective Interest Method) LO 8-2 Punk Corporation purchased 90 percent of Soul Company's voting common shares on January 1, 20X2, at underlying book value. At that date, the fair value of the noncontrolling Interest was equal to 10 percent of the book value of Soul Company. Punk also purchased $100,000 of 6 percent, five-year bonds directly from Soul on January 1, 20x2, for $104,000. The bonds pay Interest annually on December 31. The trial balances of the companies as of December 31, 20X4, are as follows: Soul Company Debit Credit $ 36,600 75,000 248, ege Punk Corporation Debit Credit $ 22,800 165,000 400, see 121,392 101,720 86, see 20, see 16,eee 30,000 $140,000 92,400 200,000 Item Cash & Receivable Inventory Buildings & Equipment Investment in Soul Company Stock Investment in Soul Company Bonds Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Current Payable Bonds Payable Bond Premium Common Stock Retained Earnings Sales Interest Income Income from Soul Company Stock Total 79,800 15,80 5,292 20,000 $ 80, 80e 35, de 188,888 1,720 80,000 49,882 125,800 120,000 242,012 14e, cee 5,202 22,498 $962,112 $962,112 $471, 682 $471, 602 Required: a. Prepare the Journal entry or entries for 20x4 on Punk's books related to its Investment in Soul Common stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your Intermediate calculations. Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet Record the dividends from Soul. Note: Enter debits before credits. Event General Journal Debit Credit CdlLuidLIONS. RUUTTU You lllid CF SWEIS LTIEI ESL WHORE Ulld.) View transaction ist Journal entry worksheet 8 Record the equity-method income. Note: Enter debits before credits Event General Journal Debit Credit 2 Record entry Clear entry View general Journal try is b. Prepare the joumal entry or entries for 20X4 on Punk's books related to its investment in Soul Company bonds. (If no required for a transaction/event, select "No journal entry required" in the first account field.) View transaction et Journal entry worksheet Record the interest payment. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general Journal d. Prepare the consolidation entries needed to complete a consolidated worksheet for 20X4. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) view transaction list Consolidation Worksheet Entries B Record the basic consolidation entry. Worksheet Entries