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Punk Corporation purchased 90 percent of Soul Companys voting common shares on January 1, 20X2, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 10 percent of the book value of Soul Company. Punk also purchased $99,000 of 6 percent, five-year bonds directly from Soul on January 1, 20X2, for $103,000. The bonds pay interest annually on December 31. The trial balances of the companies as of December 31, 20X4, are as follows:

Note: Assume using straight-line amortization of bond discount or premium.

Item	Punk Corporation		Soul Company
	Debit	Credit	Debit	Credit
Cash and Receivables	$ 27,000		$ 41,600
Inventory	166,000		79,000
Buildings and Equipment	411,000		249,000
Investment in Soul Company Stock	131,454
Investment in Soul Company Bonds	100,600
Cost of Goods Sold	74,000		67,800
Depreciation Expense	18,000		13,000
Interest Expense	15,940		5,140
Dividends Declared	28,000		18,000
Accumulated Depreciation		$ 128,000		$ 68,000
Current Payables		98,000		54,940
Bonds Payable		199,000		99,000
Bond Premium				1,600
Common Stock		111,000		71,000
Retained Earnings		231,000		41,000
Sales		153,000		138,000
Interest Income		5,140
Income from Soul Company Stock		46,854
Total	$ 971,994	$ 971,994	$ 473,540	$ 473,540

Required:

1. Prepare the journal entry or entries for 20X4 on Punks books related to its investment in Soul Company stock.
2. Prepare the journal entry or entries for 20X4 on Punks books related to its investment in Soul Company bonds.
3. Prepare the journal entry or entries for 20X4 on Souls books related to its bonds payable.
4. Prepare the consolidation entries needed to complete a consolidated worksheet for 20X4.
5. Prepare a three-part consolidated worksheet for 20X4.

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