Purse Corporation owns $70$ percent of Scarf Company$$s voting shares. On January $1,20$X$3,$ Scarf sold bonds with a par value of $$652,500$ at $98.$ Purse purchased $$435,000$ par value of the bonds; the remainder was sold to nonaffiliates. The bonds mature in five years and pay an annual interest rate of $8$ percent. Interest is paid semiannually on January $1$ and July $1.$

Please help me with the following:

What amount of interest expense should be reported in the $20$X$4$ consolidated income statement?

Prepare the journal entries Purse recorded during $20$X$4$ with regard to its investment in Scarf bonds.

Prepare all worksheet consolidation entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for $20$X$4.$

Thank youPurse Corporation owns $70$ percent of Scarf Company's voting shares. On January $1,20$X$3,$ Scarf sold bonds wlth a par value of

$$652,500$ at $98.$ Purse purchased $$435,000$ par value of the bonds; the remalnder was sold to nonaffillates. The bonds mature in five

years and pay an annual Interest rate of $8$ percent. Interest is paid semlannually on January $1$ and July $1.$

Required:

a$.$ What amount of Interest expense should be reported in the $204$ consolidated Income statement?

b$.$ Prepare the journal entrles Purse recorded during $204$ with regard to Its Investment In Scarf bonds.

c$.$ Prepare all worksheet consolidation entrles needed to remove the effects of the Intercorporate bond ownership in preparing

consolidated financial statements for $204.$

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Prepare all worksheet consolidation entries needed to remove the effects of the intercorporate bond ownership in preparing

consolidated financial statements for $204.$

Note: 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.