Several years ago, Zack Corporation sold bonds with a face value of $$900,000$ to the public at a discount. Annual cash interest of $9$ percent $($i$.$e$.,$ $$81,000)$ was to be paid on this debt. On January $1,2021,$ Brant Inc., the parent company of Zack Corporation, purchased these bonds on the open market for $$1,005,000.($Hint: Did Brant purchase the bonds at a discount or a premium?$)$ On that date, the bonds had $10$ years until maturity and Zack reported the book value of Bonds Payable of $$760,000.$ Assume Brant uses the equity method to internally account for its investment in Zack. Both parties use the straight$-$line method of amortization.

Required:

$1.(10$ points$)$ Prepare the Bonds Payable amortization table for Zack Corporation for years $2021-2023.$

$2.(10$ points$)$ Prepare the Investment in Bonds amortization table for Brant for years $2021-2023.$

$3.(6$ points$)$ Prepare the consolidation entry that would be required for these bonds on December $31,2021.$

$4.(6$ points$)$ Prepare the consolidation entry that would be required for these bonds on December $31,2023.$ Note: Every year since the bond reacquisition, Brant must prepare a consolidation entry. This question asked for the consolidation entry for the year ended December $31,2023,$ not December $31,2022.$

$5.$ Consider a different scenario as follows. On January $1,2021,$ Brant purchased these bonds on the open market for $$760,000$ and the bonds were reported in as Bonds Payable with a book value of $$1,005,000$ in Zack$$s book on the same date. In this scenario, Brant purchased the bonds at a discount and Zack issued the bonds at a premium. Other information remains the same as that in the original problem.

$(9$ points$)$ Prepare the consolidation entry that would be required for these bonds on December $31,2021.$

$(9$ points$)$ Prepare the consolidation entry that would be required for these bonds on December $31,2022.$