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 non controlling interest was equal to 10 percent of the book value of Soul Company. Punk also purchased $94,000 of 6 percent, five-year bonds directly from Soul on January 1, 20X2, for $98,000. The bonds pay interest annually on December 31. The trial balances of the companies as of December 31, 20X4, are as follows: 

Punk Corporation Soul Company Item Debit Credit Debit Credit Cash & Receivables $ 26,000 $ 40,600 Inventory 174,000 78,000 Buildings & Equipment 418,000 245,000 Investment in Soul Company Stock 125,424 Investment in Soul Company Bonds 95,600 Cost of Goods Sold 80,000 73,800 Depreciation Expense 18,000 13,000 Interest Expense 15,640 4,840 Dividends Declared 28,000 18,000 Accumulated Depreciation $ 136,000 $ 76,000 Current Payables 112,200 52,640 Bonds Payable 194,000 94,000 Bond Premium 1,600 Common Stock 110,000 70,000 Retained Earnings 227,000 40,000 Sales 154,000 139,000 Interest Income 4,840 Income from Soul Company Stock 42,624 Total $ 980,664 $ 980,664 $ 473,240 $ 473,240 

a. Prepare the journal entry or entries for 20X4 on Punk’s books related to its investment in Soul Company stock.

b. Prepare the journal entry or entries for 20X4 on Punk’s books related to its investment in Soul Company bonds.

c. Prepare the journal entry or entries for 20X4 on Soul’s books related to its bonds payable.

d. Prepare the consolidation entries needed to complete a consolidated worksheet for 20X4.

e. Prepare a three-part consolidated worksheet for 20X4.

(Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)