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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 $95,000 of 6 percent, five-year bonds directly from Soul on January 1, 20X2, for $99,000. 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 $ 43,600 89,000 245,000 Punk Corporation Debit Credit $ 29,000 169,000 407,000 150,570 96,600 70,000 17,000 15,700 27,000 $124,000 99,500 195,000 Item Cash & Receivables 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 Payables Bonds Payable Bond Premium Common Stock Retained Earnings Sales Interest Income Income from Soul Company Stock Total 63,800 12,000 4,900 17,000 $ 64,000 49,700 95,000 1,600 78,000 48,000 139,000 118,000 234,000 154,000 4,900 52,470 $981,870 $981,870 $475,300 $475,300 Required: a. Prepare the journal entry or entries for 20x4 on Punk's books related to its investment in Soul Company stock. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet B > Record the dividends from Soul. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal Journal entry worksheet AB Record the equity-method income. Note: Enter debits before credits. General Journal Debit Credit Event 2 Record entry Clear entry View general journal b. Prepare the journal entry or entries for 20x4 on Punk's books related to its investment in Soul Company bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the basic consolidation entry. Note: Enter debits before credits. Accounts Debit Credit Event 1 Record entry Clear entry view consolidation entries 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.) view transaction list Consolidation Worksheet Entries B Record the entry to eliminate the intercompany bond holdings. Note: Enter debits before credits. Event Accounts Debit Credit 2 Record entry Clear entry view consolidation entries e. Prepare a three-part consolidated worksheet for 20X4. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries Into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.) PUNK CORPORATION AND SUBSIDIARY Consolidated Financial Statement Worksheet December 31, 20x4 Consolidation Entries Punk Corp. Soul Company DR CR Consolidated Income Statement Sales Interest Income Less: COGS Less: Depreciation Expense Less: Interest Expenses Income from Soul Company Stock Consolidated Net Income NCI in Net Income Controlling Interest in Net Income Statement of Retained Earnings Beginning Balance Net Income Less: Dividends Declared Ending Balance Balance Sheet Assets Cash and Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Investment in Soul Company Bonds Investment in Soul Company Stock Total Assets Liabilities & Equity Current Payable Bonds Payable Bond Premium Common Stock Retained Earnings NCI in NA of Soul Company