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Chapter 6 Homework i Saved Help Save & Exit Submit 3 Check my work Several years ago Brant, Inc., sold $800,000 in bonds to the public. Annual cash interest of 8 percent ($64,000) was to be paid on this debt. The bonds were issued at a discount to yield 10 percent. At the beginning of 2016, Zack Corporation (a wholly owned subsidiary of Brant) purchased $160,000 of these bonds on the open market for $181,000, a price based on an effective interest rate of 6 percent. The bond liability had a carrying amount on that date of $660,000. Assume Brant uses the equity method to account internally for its 6.25 investment in Zack. points a. & b. What consolidation entry would be required for these bonds on December 31, 2016 and December 31, 2018? (If no entry is eBook required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate answers to nearest whole number.) Print References view transaction list transaction list (x No Date Accounts Debit Credit 1 December 31, 2016 Bonds payable 84,788 Interest income 12,800 Loss on retirement of debt Investment in bonds Interest expense 2 December 31, 2018 Bonds payable 83,957 Interest income 9,600 Investment in Zack