ignment: Less Than Wholly-owned With No Diff... Seved Help Save & Exit Submi Check my work Prince Corporation acquired 100 percent of Sword Company on January 1, 20X7, for $204,000. The trial balances for the two companies on December 31, 20X7, included the following amounts: Item Cash $ Prince Corporation Debit Credit 85,000 58,000 182,000 Sword Company Debit Credit $ 29,000 63,000 107.000 Accounts Receivable Inventory 160.000 495,000 250,000 495.000 22.000 65,000 57,000 257.000 12,000 65,000 27,000 Buildings and Equipment Investment in Sword Company Cost of Goods sold Depreciation Expense Other Expenses Dividends Declared Accumulated Depreciation Accounts Payable Mortgages Payable Common Stock Retained Earnings Sales Income fron Sword Company $ 137,000 50,000 190,000 295,000 357.000 690,000 23.000 $1,792,000 $ 60,000 26,000 104,000 42.000 92.000 410,000 $1,792,000 5744.000 Additional Information 1. On January 1, 20X7, Sword reported net assets with a book value of $144,000. A total of $27.000 of the acquisition price is applied to goodwill, which was not impaired in 20x7. 2. Sword's depreciable assets had an estimated economic life of 11 years on the date of combination. The difference between fair value and book value of tangible assets is related entirely to buildings and equipment. 3. Prince used the equity-method in accounting for its investment in Sword 4. Detailed analysis of receivables and payables showed that Sword owed Prince $21.000 on December 31, 20X7 Required: a. Prepare all journal entries recorded by Prince with regard to its investment in Sword during 20x7.(if no entry is required for a transaction/event. select "No lournal entry reauired" in the first account field.)