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Helen Corporation owns 60 percent of Snow Enterprises stock. On January 1, 20X1, Helen sold...

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Accounting

Helen Corporation owns 60 percent of Snow Enterprises stock. On January 1, 20X1, Helen sold $1.07 million par value, 10 percent (paid semiannually), 20-year, first mortgage bonds to King Corporation at 98. On January 1, 20X8, Snow purchased $321,000 par value of the Helen bonds directly from King for $317,820.

Required:

Prepare the consolidation entry needed at December 31, 20X8, 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. Do not round your intermediate calculations. Round your final answers to nearest whole dollar. image

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