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Suspect Company issued $1,170,000 of 8 percent first mortgage bonds on January 1, 20X1. at 104. The bonds mature in 20 years and pay interest semiannually on January 1 and July 1. Prime Corporation purchased $780.000 of Suspect's bonds from the original purchaser on December 31, 20X5, for $774.000. Prime owns 70 percent of Suspect's voting common stock. Required: a. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X5. (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.) No Event Credit A 1 Answer is complete but not entirely correct. Accounts Bonds payable Premium on bonds payable Investment in Suspect Company bonds Gain on bond retirement Debit 780,000 11,700 olololo 774,000 31.200 X B 2 31,200 Interest payable Interest receivable olol 31,200 b. Prepare the worksheet consolidation entry or entries needed to remove the effects of the Intercorporate bond ownership in preparing consolidated financial statements for 20X6. (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.) Answer is not complete. No Event Accounts Debit Credit Consolidation Worksheet Entries