Problem 6 - 28 ( LO 6 - 2 ) Several years ago Brant , Inc . sold $900 090 in bonds to the public Annual cash interest of 9 percent ( $81 090 ) was to be paid on this debt . The bonds were issued at a discount to yield 12 percent At the beginning of 2013 Zack Corporation ( a wholly owned subsidiary of Brant purchased $180 000 of these bonds on the open market for $201 090 a price based on an effective interest rate of 7 percent The bond liability had a book value on that date of $ 760 000 Assume Brant uses the equity method to account internally for its investment in Zack a & b . What consolidation entry would be required for these bonds on December 31 2013 and December 31 2015 ? ( If no entry is required for a transaction event , select " No journal entry equired " in the first account field . )