Suspect Company issued $870,000 of 8 percent first mortgage bonds on January 1, 20X1, at 103. The bonds mature in 20 years and pay interest semiannually on January 1 and July 1. Prime Corporation purchased $580,000 of Suspect's bonds from the original purchaser on December 31, 20X5, for $574,000. Prime owns 70 percent of Suspect's voting common stock. Required: a. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) view transaction list Consolidation Worksheet Entries A B Record the entry to eliminate the effects of the intercompany ownership in bonds for 20X5. Note: Enter debits before credits. Event Accounts 1 Bonds payable Premium on bonds payable Investment in Suspect Company bonds Gain on bond retirement Debit Credit 580,000 574,000 Record entry Clear entry view consolidation entries