Record the entry for interest expense on bond investunent. Note: Enter debits before credits. Journal entry worksheet Record the entry to eliminate the intercompany bond holdings. Note: Enter debits before credits. Journal entry worksheet Record the entry for the interest income on the bond investment. Note: Enter debits before credits. Consolidated Financial Statement Worksheet Decernber 31, 20Xa \begin{tabular}{|c|c|c|c|c|c|} \hline & \multirow{2}{*}{PunkCorporation} & \multirow{2}{*}{SoulCompany} & \multicolumn{2}{|c|}{ Consolidistion Entries: } & \multirow{2}{*}{ Consolidated } \\ \hline & & & Debit & Credit & \\ \hline \multicolumn{6}{|l|}{ Income Statement } \\ \hline \multicolumn{6}{|l|}{ Sales. } \\ \hline \multicolumn{6}{|l|}{ Interest Inoome } \\ \hline \multicolumn{6}{|l|}{ Less: COGS } \\ \hline \multicolumn{6}{|l|}{ Less: Depreciation Experse } \\ \hline \multicolumn{6}{|l|}{ Less: Interest Expenses } \\ \hline \multicolumn{6}{|l|}{ Inoome from Soul Company Stock } \\ \hline \multicolumn{6}{|l|}{ Consolidated Net Income } \\ \hline \multicolumn{6}{|l|}{NCl in Net income } \\ \hline \multicolumn{6}{|l|}{ Controlling Interest in Net Income } \\ \hline \multicolumn{6}{|l|}{ Statement of Retained Earnings } \\ \hline \multicolumn{6}{|l|}{ Beginning Balance } \\ \hline \multicolumn{6}{|l|}{ Net Inoome } \\ \hline \multicolumn{6}{|l|}{ Less: Dividends Declared } \\ \hline \multicolumn{6}{|l|}{ Ending Balance } \\ \hline \multicolumn{6}{|l|}{\begin{tabular}{|l|} Balance Sheet \\ Assets \end{tabular}} \\ \hline \multicolumn{6}{|l|}{\begin{tabular}{|l|} Assets \\ \end{tabular}} \\ \hline \multicolumn{6}{|l|}{ Cash and Accounts Receivable } \\ \hline \multicolumn{6}{|l|}{\begin{tabular}{|l|} Inventory \\ Buldipas and Eovioment \end{tabular}} \\ \hline \multicolumn{6}{|l|}{\begin{tabular}{|l|} Buldings and Equipmeat \\ Lese-Aosumuined Pepreelstion \end{tabular}} \\ \hline \multicolumn{6}{|l|}{ Less: Aocumulated Depreciation } \\ \hline \multicolumn{6}{|l|}{ Investment in Soul Company Bonds } \\ \hline \multicolumn{6}{|l|}{ Investment in Soul Company Stock } \\ \hline \multicolumn{6}{|l|}{\begin{tabular}{|l|} Total Assets \\ Liabilities and Equity \end{tabular}} \\ \hline \multicolumn{6}{|l|}{LiabilitiesandEquityCurrentPayable} \\ \hline Cucrent Payable & & & & & \\ \hline Bonds Payable & & & & & \\ \hline Bond Premium & & & & & \\ \hline Common Srsok & & & & & \\ \hline Retained Earnings & & & & & \\ \hline NCl in Ner Assess of Soul Compary & & & & & \\ \hline Tota Liabilities and Equity & & & & & \\ \hline \end{tabular} Note: Enter debits before credils: Record the basic conschidatian entry, Ge criter debiks befora conges Journal entry worksheet Punk Corporation purchased 90 percent of Soul Company's voung common shares on January 1.202 at underlylng 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 aiso purchased $99,000 of 6 percent, five-year bonds directly from Soul on January 2,202, for $103,000. The bonds pay interest annually on December 31 . The tral balances of the companles as of December 31,204, are as follows: Note: Assume using straightine amortization of bond discoumt or premlum. Required: a. Prepare the journal entry or entrles for 204 on Punk's books related to its investment in Soul Company stock. b. Prepare the journal entry or entries for 204 on Punk's books related to its investment in Soul Company bonds. c. Prepare the journal entry or entries for 204 on Soul's books related to its bonds payable. d. Prepare the consolidation entries needed to complete a consolidated worksheet for 204. e. Prepare a three-part consolidated worksheet for 204 Complete this question by entering your answers in the tabs below
