Several years ago Brant, Inc., sold $880,000 In bonds to the public. Annual cash Interest of 8 percent ($70,400) was to be pald on this debt. The bonds were Issued at a discount to yleld 12 percent. At the beginning of 2016, Zack Corporation (a wholly owned subsidlary of Brant) purchased $110,000 of these bonds on the open market for $131,000, a price based on an effective Interest rate of 6 percent. The bond liability had a carrying amount on that date of $740,000. Assume Brant uses the equity method to account Internally for Its Investment In Zack. e. & b. What consolidation entry would be requlred for these bonds on December 31, 2016 and December 31, 2018? (If no entry Is required for a transaction/event, select "No journel entry required" In the first account field. Round your Intermedlate answers to nearest whole number.) view transaction list Consolidation Worksheet Entries 2 Prepare Entry B to eliminate the intra-entity debt holdings and to recognize the loss on retirement. Note: Enter debits before credits. Date Accounts Debit Credit December 31, 2016