QUESTION 8 Ole Miss Inc, owned all of LSU Co. The subsidiary had bonds payable outstanding on January 1, 2019, with a book value of $265,000. The parent acquired the bonds on that date for $288,000. Subsequently, Ole Miss reported interest income of $26,000 in 2019 while LSU reported interest expense of $29,000. Consolidated financial statements were prepared for 2020. What adjustment would have been required in the consolidated worksheet (elimination entries) for the retained earnings in 20207 O reduction (debit) of $19,000. reduction (debit) of $27,000 reduction (debit) of $30,000 reduction (debit) of $20,000. None of the above