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E8-7 Constructive Retirement at End of Year (Effective Interest Method) LO 8-2 Suspect Company issued $690,000 of 7 percent first mortgage bonds on January 1,201, at 102 . The bonds mature in 20 years ar pay interest semiannually on January 1 and July 1. Prime Corporation purchased $460,000 of Suspect's bonds from the original purchaser on December 31, 20X5, for $454,000. 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 205. (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 do b. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X6. (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.) E8-7 Constructive Retirement at End of Year (Effective Interest Method) LO 8-2 Suspect Company issued $690,000 of 7 percent first mortgage bonds on January 1,201, at 102 . The bonds mature in 20 years ar pay interest semiannually on January 1 and July 1. Prime Corporation purchased $460,000 of Suspect's bonds from the original purchaser on December 31, 20X5, for $454,000. 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 205. (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 do b. Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements for 20X6. (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.)