Several years ago Brant, Inc., sold $840,000 in bonds to the public. Annual cash interest of 8 percent ($67,200) was to be paid on this debt. The bonds were issued at a discount to yield 10 percent. At the beginning of 2016, Zack Corporation (a wholly owned subsidiary of Brant) purchased $140,000 of these bonds on the open market for $161,000, a price based on an effective interest rate of 6 percent. The bond liability had a carrying amount on that date of $720,000. Assume Brant uses the equity method to account internally for its investment in Zack a. & b. What consolidation entry would be required for these bonds on December 31, 2016 and December 31, 2018? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate answers to nearest whole number.) Date December 31, 2016 Accounts Debit 147.200 9,660 17,000 Credit Bonds payable Interest income Loss on retirement of debt 159,460 14,400 Investment in bonds Interest expense December 31, 2018 Bonds payable Interest income Investment in Zack 154,592 9,470 7,108 156,098 15,072 Investment in bonds Interest expense