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Lamar Corporation owns 60 percent of Humbolt Corporations voting shares. On January 1, 20X2, Lamar Corporation sold $160,000 par value, 10 percent first mortgage bonds to Humbolt for $166,000. The bonds mature in 10 years and pay interest semiannually on January 1 and July 1.

Required:

a.	Prepare the journal entries for 20X2 for Humbolt related to its ownership of Lamars bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your market rate of interest to 3 decimals. For example, .0547523 should be rounded to 5.475%)

b.	Prepare the journal entries for 20X2 for Lamar related to the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your market rate of interest to 3 decimals. For example, .0547523 should be rounded to 5.475%)

c.	Prepare the worksheet consolidation entries needed on December 31, 20X2, to remove the effects of the intercorporate ownership of bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your market rate of interest to 3 decimals. For example, .0547523 should be rounded to 5.475%)

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