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1. Powell Company owns an 80% interest in Sauter, Inc. On January 1, 20X1, Sauter issued $400,000 of 10-year, 12% bonds at a premium of $25,000. On December 31, 20X5, 5 years after original issuance, Powell purchased half of the outstanding bonds for $195,000. Both firms use the straight-line method of amortization. Prepare all book (P and S Company) entries and the consolidation entries for 2015. 20 Points