On January $1,20$X$5,$ Pirate Company acquired all of the outstanding stock of Ship Incorporated, a Norwegian company, at a cost of $\backslash$table$[[$Required A$,$Required B$,$Required D$]]$

Prepare a schedule remeasuring the trial balance from Norwe

Note: If no adjustment is needed, select $\text{'}$No entry necessary'

$\backslash$table$[[$Item$,$U$.$S$.$ dollars$],[$Cash$,32,970],[$Accounts Receivable $($net$),45,360],[$Inventory$,55,760],[$Property$,$ Plant, and Equipment,$112,320],[$Cost of Goods Sold,$83,200\backslash$times $],[$Operating Expenses,$24,600],[$Depreciation Expense,$12,420],[$Dividends Paid,$9,120],[$Total$,375,750],[$Remeasurement Loss,$],[$Total Debits,$375,750],[$Accumulated Depreciation,$30,240],[$Accounts Payable,$21,420],[$Notes Payable,$43,680],[$Common Stock,$77,400],[$Retained Earnings,$48,600],[$Sales$,149,400],[$Total$,370,740],[$No Entry Necessary,$],[$Total Credits,$370,740]]$ Required A

Required B

Required C

Required D

Assume that Pirate uses the fully adjusted equity method. Record all journal entries that relate to its investment in th Norwegian subsidiary during $20$X$5.$ Provide the necessary documentation and support for the amounts in the journal Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

$\backslash$table$[[$No$,$Date,General Journal,Debit,Credit$],[1,$January $01,$Investment in Ship Company,grad,$154,800,],[,$Cash,grad,,$154,800],[2,$July $01,$Cash,grad,$9,120,],[,$Investment in Ship Company,grad,,$9,120],[3,$December $31,$Investment in Ship Company,$2,27,800\backslash$times $,],[,$Income from subsidiary,grad,,$27,800\backslash$times $],[4,$December $31,$Income from subsidiary,grad,$5,400\backslash$times $,],[,$Investment in Ship Company,$(,,5,400\backslash$times $]]$ Required B

Required C

Required D

Prepare a schedule that determines Pirate's consolidated net income for $20$X$5.$

Note: Amounts to be deducted should be indicated with a minus sign.Record the purchase of Ship Incorporated.

Record the dividend received from the foreign subsidiary.

Record the equity in the net income of the foreign

subsidiary.

Record the amortization of the differential.

$$154,800.$ Ship's net assets on the date of acquisition were $700,000$ kroner $($ NKr $).$ On January $1,20$X$5,$ the book and fair values of the

Norwegian subsidiary's identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and

patents acquired. The fair value of Ship's property, plant, and equipment exceeded its book value by $$18,000.$ The remaining useful life

of Ship's equipment at January $1,20$X$5,$ was $10$ years. The remainder of the differential was attributable to a patent having an

estimated useful life of $5$ years. Ship's trial balance on December $31,20$X$5,$ in kroner, follows:

Additional Information:

Ship uses the FIFO method for its inventory. The beginning inventory was acquired on December $31,20$X$4,$ and ending inventory

was acquired on December $15,20$X$5.$ Purchases of NKr$420,000$ were made evenly throughout $20$X$5.$

Ship acquired all of its property, plant, and equipment on July $1,20$X$3,$ and uses straight$-$line depreciation.

Ship's sales were made evenly throughout $20$X$5,$ and its operating expenses were incurred evenly throughout $205.$

The dividends were declared and paid on July $1,205.$

Pirate's income from its own operations was $$253,000$ for $205,$ and its total stockholders' equity on January $1,205,$ was

$$3,500,000.$ Pirate declared $$160,000$ of dividends during $205.$

Exchange rates were as follows:

Assume the U$.$S$.$ dollar is the functional currency, not the krone.

I NEED HELP FIXING THE INCORRECT$/$INCOMPLETE SECTIONS IN THE PICTURES BELOW.

I ALSO NEED HELP WITH CALCULATING TOTAL CONSOLIDATED STOCKHOLDERS' EQUITY.

THANK YOU!