b. Please Prepare a three-part consolidation worksheet for 20X9 in good form. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

Pirate Corporation acquired 60 percent ownership of Ship Company for $96,000 on January 1, 20X8, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 40 percent of the book value of Ship Company. Accumulated depreciation on Buildings and Equipment was $75,000 on the acquisition date. Trial balance data at December 31, 20X9, for Pirate and Ship are as follows: Pirate Corporation Debit Credit 18,000 45,000 40,000 585,000 Ship Company Debit Credit $ 11,000 21,000 30,000 257,000 44,000 116,400 170,000 30,000 8,000 40,000 97,000 10,000 3,000 20,000 Item Cash Accounts Receivable Inventory Buildings & Equipment Investment in Row Company Investment in Ship Company Cost of Goods Sold Depreciation Expense Interest Expenses Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Accumulated Other Comprehensive Income Other Comprehensive Income from Ship Company (OCI)-Unrealized Gain on Investments Unrealized Gain on Investments (OCI) Sales Income from Ship Company $ 170,000 75,000 100,000 200,000 231,000 6,000 $ 95,000 24,000 50,000 100,000 70,000 10,000 2,400 4,000 140,000 250,000 18,000 $1,052,400 $1,052,400 $493,000 $493,000 Additional Information Ship purchased stock of Row Company on January 1, 20X8, for $30,000 and classified the investment as available-for-sale securities The value of Row's securities increased to $40,000 and $44,000, respectively, at December 31, 20X8, and 20X9. Assume that depreciation expense was $10,000 for the previous year as well. Credit No A Event 1 Accounts Common stock Retained earnings Accumulated OCI Income from Ship Company NCI in Nl of Ship Company Dividends declared Investment in Ship Company NCI in NA of Ship Company Debit 100,000 70,000 10,000 18,000 12,000 20,000 114,000 76,000 B2 2,400 1,600 OCI from Ship Company OCI to the NCI Investment in Ship Company NCI in NA of Ship Company 2,400 1,600 75,000 Accumulated depreciation Buildings and equipment 75,000 Pirate Corporation acquired 60 percent ownership of Ship Company for $96,000 on January 1, 20X8, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 40 percent of the book value of Ship Company. Accumulated depreciation on Buildings and Equipment was $75,000 on the acquisition date. Trial balance data at December 31, 20X9, for Pirate and Ship are as follows: Pirate Corporation Debit Credit 18,000 45,000 40,000 585,000 Ship Company Debit Credit $ 11,000 21,000 30,000 257,000 44,000 116,400 170,000 30,000 8,000 40,000 97,000 10,000 3,000 20,000 Item Cash Accounts Receivable Inventory Buildings & Equipment Investment in Row Company Investment in Ship Company Cost of Goods Sold Depreciation Expense Interest Expenses Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Accumulated Other Comprehensive Income Other Comprehensive Income from Ship Company (OCI)-Unrealized Gain on Investments Unrealized Gain on Investments (OCI) Sales Income from Ship Company $ 170,000 75,000 100,000 200,000 231,000 6,000 $ 95,000 24,000 50,000 100,000 70,000 10,000 2,400 4,000 140,000 250,000 18,000 $1,052,400 $1,052,400 $493,000 $493,000 Additional Information Ship purchased stock of Row Company on January 1, 20X8, for $30,000 and classified the investment as available-for-sale securities The value of Row's securities increased to $40,000 and $44,000, respectively, at December 31, 20X8, and 20X9. Assume that depreciation expense was $10,000 for the previous year as well. Credit No A Event 1 Accounts Common stock Retained earnings Accumulated OCI Income from Ship Company NCI in Nl of Ship Company Dividends declared Investment in Ship Company NCI in NA of Ship Company Debit 100,000 70,000 10,000 18,000 12,000 20,000 114,000 76,000 B2 2,400 1,600 OCI from Ship Company OCI to the NCI Investment in Ship Company NCI in NA of Ship Company 2,400 1,600 75,000 Accumulated depreciation Buildings and equipment 75,000