Question: Need help with part D and E Please Punk Corporation purchased 90 percent of Soul Company's voting common shares on January 1, 20X2, at underlying

Need help with part D and E Please Punk Corporation purchased 90

Need help with part D and E

Please

Punk Corporation purchased 90 percent of Soul Company's voting common shares on January 1, 20X2, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 10 percent of the book value of Soul Company. Punk also purchased $88,000 of 6 percent, five-year bonds directly from Soul on January 1,202, for $92,000. The bonds pay interest annually on December 31. The trial balances of the companies as of December 31, 20X4, are as follows: Note: Assume using straight-line amortization of bond discount or premium. Required: a. Prepare the journal entry or entries for 204 on Punk's books related to its investment in Soul Company stock. b. Prepare the journal entry or entries for 204 on Punk's books related to its investment in Soul Company bonds. c. Prepare the journal entry or entries for 204 on Soul's books related to its bonds payable. d. Prepare the consolidation entries needed to complete a consolidated worksheet for 204. e. Prepare a three-part consolidated worksheet for 204

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