Worksheet Entries Record the entry to eliminate the effects of the intercompany ownership in bonds...
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Worksheet Entries Record the entry to eliminate the effects of the intercompany ownership in bonds for 208. Note: Enter debits before credits. Worksheet Entries Record the entry to eliminate intercompany interest receivables or payables for 208. Note: Enter debits before credits. Par Corporation holds 60 percent of Short Publishing Company's voting shares. Par issued $500,000 of 10 percent (paid semiannually) bonds with a 10-year maturity on January 1,202, at 90 . On January 1,208, Short purchased $100,000 of the Par bond's for $106,000. Partial trial balances for the two companies on December 31,208, are as follows: Required: Prepare the worksheet consolidation entry or entries needed on December 31,208, to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar
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