Need help with part D and EPlease Punk Corporation purchased 90 percent of Soul Company's voting common shares on January 1, 20x2, at underlying book value. Atthat date, the fair value of the noncontrolling interest was equal to 10 percent of the book value of Soul Company. Punk also purchased$88,000 of 6 percent, five-year bonds directly from Soul on January 1, 20X2, for $92,000. The bonds pay interest annually onDecember 31. The trial balances of the companies as of December 31, 20X4, are as follows:Note: Assume using straight-line amortization of bond discount or premium.ItemCash and ReceivablesInventoryBuildings and EquipmentInvestment in Soul Company StockInvestment in Soul Company BondsCost of Goods SoldDepreciation ExpenseInterest Expense.Dividends DeclaredAccumulated DepreciationCurrent PayablesBonds PayableBond PremiumCommon StockRetained EarningsSalesInterest IncomeIncome from Soul Company StockTotalPunk CorporationDebit$ 41,000167,000418,000147,34889,60067,00019,00015,28029,000$ 993,228Credit$ 135,000118,500188,000119,000230,000149,0004,48049,248$ 993,228Soul CompanyDebit$ 55,60089,000252,00060,80014,0004,48019,000$ 494,880Credit$ 75,00068,28088,0001,60079,00049,000134,000$ 494,880Required:a. Prepare the journal entry or entries for 20X4 on Punk's books related to its investment in Soul Company stock.b. Prepare the journal entry or entries for 20X4 on Punk's books related to its investment in Soul Company bonds.c. Prepare the journal entry or entries for 20X4 on Soul's books related to its bonds payable.d. Prepare the consolidation entries needed to complete a consolidated worksheet for 20X4.e. Prepare a three-part consolidated worksheet for 20X4.

It is the single balance sheet in which the financial positions of both the parent and subsidiary…

Punk Corporation purchased 90 percent of Soul Company's 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 $88,000 of 6 percent, five-year bonds directly from Soul on January 1, 20X2, for $92,000. 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.