Question 2 (20 points) QUESTION TWO: 20 Marks: Suggested time 16 minutes Puccini Inc acquired 75% of Shakespeare Limited on January 1, 2018. Shakespeare Limited has 10% par value bonds outstanding in the amount of $200,000 which mature on December 31, 2025. The bonds were issued at a premium. On January 1, 2022 the unamortized premium amounted to $2,400 Shakespeare Limited uses the straight line method to amortize the premium. On January 1, 2022, Puccini Inc acquired $120,000 face value of Shakespeare Limited's bonds for $123,000. Puccini Inc also uses the straight-line method to amortize any bond premium or discount. Both companies are subject to a 40% tax rate. Required: Prepare the entries required for the 2022 consolidation. The gain/loss is to be allocated to the parent and the sub. (Hint: While Shakespeare has $200,000 of bonds outstanding, Puccini Inc. is only buying 60% of the $200,000 or $120,000).