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Consider a different scenario as follows. On January 1, 2019, Padino purchased these bonds on...

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Accounting

Consider a different scenario as follows. On January 1, 2019, Padino purchased these bonds on the open market for $1,045,000 and the bonds were reported in as Bonds Payable with a book value of $940,000 in Sorianos book on the same date. In this scenario, Padino purchased the bonds at a premium and Soriano issued the bonds at a discount. Other information remains the same as that in the original problem. (9 points) What consolidation entry would be required for these bonds on December 31, 2019? (9 points) What consolidation entry would be required for these bonds on December 31, 2020?

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