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E8-8 Constructive Retirement at Beginning of Year (Effective Interest Method) LO 8-2 Suspect Company issued $1,050,000 of 9 percent first mortgage bonds on January 1,201, at 103 . The bonds mature in 20 years and pay interest semiannually on January 1 and July 1 . Prime Corporation purchased $700,000 of Suspect's bonds from the original purchaser on January 1, 20X5, for $697,800. 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.) Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in reparing consolidated financial statements for 206. (If no entry is required for a transaction/event, select "No journal entry equired" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.) E8-8 Constructive Retirement at Beginning of Year (Effective Interest Method) LO 8-2 Suspect Company issued $1,050,000 of 9 percent first mortgage bonds on January 1,201, at 103 . The bonds mature in 20 years and pay interest semiannually on January 1 and July 1 . Prime Corporation purchased $700,000 of Suspect's bonds from the original purchaser on January 1, 20X5, for $697,800. 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.) Prepare the worksheet consolidation entry or entries needed to remove the effects of the intercorporate bond ownership in reparing consolidated financial statements for 206. (If no entry is required for a transaction/event, select "No journal entry equired" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar.)