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Several years ago, Brant, Incorporated, sold $ 9 6 0 , 0 0 0 in bonds to the public. Annual cash interest of 9 percent

Several years ago, Brant, Incorporated, sold $960,000 in bonds to the public. Annual cash interest of 9 percent ($86,400) was
to be paid on this debt. The bonds were issued at a discount to yield 12 percent. At the beginning of 2022, Zack Corporation
(a wholly owned subsidiary of Brant) purchased $120,000 of these bonds on the open market for $141,000, a price based on
an effective interest rate of 7 percent. The bond liability had a carrying amount on that date of $820,000. Assume Brant uses
the equity method to account internally for its investment in Zack.
Required:
a. & b. What consolidation entry would be required for these bonds on December 31,2022 and December 31,2024?
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round
your intermediate calculations and final answers to nearest whole number.
Answer is not complete.
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