Stang Corporation issued to Bradley Company S400,000 par value, 10-year bonds with a coupon rate of 12 percent on January 1, 20X5, at 105. The bonds pay interest semiannually on July 1 and January 1. On January 1, 20X8. Purple Corporation purchased $100,000 of the bonds from Bradley for $104.900. Purple owns 65 pereent of the voting common shares of Stang and prepares consolidated financial statements. Required 1. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20x8 1. Assuming that Stang reports net income of $20,000 for 20x8, compute the amount of income assigned to noncontrolling shareholders in the 20x8 consolidated income statement. Prepare the worksheet consolidation entry or entries needed to remove the effeets of the intercorporate bond ownership in preparing consolidated financial statements for 20x9 E8 - 134 Loss on Constructive Retirement (Straight-Line Method) LO 8-4 Assume the same facts as in E8-13 but prepare entries using straight-line amortization of bond discount or premium