Parrots Company purchased a 80% interest in Shiprecks Corporation for $1,050,000 on January 1, 2019. On acquision date, Shiprecks Corporation had:

Common Stock 50,000,

Retained Earnings 600,000 ,

Total 650,000.

The following values were determined for Shiprecks Corporation on the date of purchase, with any balance going to Goodwill.

Book Value: Inventory $700,000, Land 545,000, Equipment 1,650,000.

Fair Value. Inventory $825,000, Land 760,000, Equipment 1,780,000.

Notes: sold in 2019, 5 yrs remaining useful life.

Shipreck Corporation uses the Complete Equity Method and had the following on their books.

2019 net income $435,000 , dividends declared 200,000.

1. Prepare ALL consolidating workpaper journal entries for 2019.