On December 31, 20X9, Port Corporation acquired all of Ship Company's common shares, for $570,000 cash. On that date, Ship's balance sheet appeared as follows:

Assets					Liabilities
Cash	$	80,000			Current Payables	$	50,000
Accounts Receivables		40,000			Notes Payable		70,000
Inventory		100,000			Stockholders Equity
Land		120,000			Common Stock		150,000
Buildings and Equipment (net)		260,000			Additional Capital		200,000
					Retained Earnings		130,000
Total	$	600,000			Total	$	600,000

The fair values of all of Ship's assets and liabilities were equal to their book values except for the following:

	Fair Value
Inventory		$	120,000
Land			150,000
Buildings and Equipment			300,000

In recording this acquisition, push-down accounting was used. Required: 1) Record the acquisition of Ship's stock on Port's books on December 31, 20X9. 2) Record any entries that would be made on December 31, 20X9, on Ship's books related to the business combination. 3) Present all consolidating entries that would appear in the worksheet to prepare a consolidated balance sheet immediately after the combination.