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Several years ago Brant, Inc., sold $1,050,000 in bonds to the public. Annual cash interest...

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Accounting

Several years ago Brant, Inc., sold $1,050,000 in bonds to the public. Annual cash interest of 8 percent ($84,000) was to be paid on this debt. The bonds were issued at a discount to yield 10 percent. At the beginning of 2016, Zack Corporation (a wholly owned subsidiary of Brant) purchased $210,000 of these bonds on the open market for $231,000, a price based on an effective interest rate of 6 percent. The bond liability had a carrying amount on that date of $910,000. 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, 2016 and December 31, 2018? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate answers to nearest whole number.)

here are the incorrect answers

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Debit 183,200 13,860 49,000 Date Accounts Credit December 31,2016 Bonds payable nterest income Loss on retirement of debt Investment in bonds 228,060 18,200 Interest expense December 31, 2018 2 Bonds payable nterest income Investment in Zack 183,972 13,497 42,424 Investment in bonds 221,641 18,252 Interest expense

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