Pirate Corporation acquired 60 percent ownership of Ship Company 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 $77,000 on the acquisition date. Trial balance data at December 31, 20X8, for Pirate and Ship are as follows:

Item	Pirate Corporation	Ship Company
Debit	Credit	Debit	Credit
Cash	$ 38,000		$ 11,000
Accounts Receivable	74,000		33,000
Inventory	51,000		41,000
Buildings and Equipment	508,000		236,000
Investment in Row Company			44,000
Investment in Ship Company	101,040
Cost of Goods Sold	144,000		104,000
Depreciation Expense	26,000		6,000
Interest Expense	5,000		3,000
Dividends Declared	26,000		21,600
Accumulated Depreciation		$ 138,000		$ 83,000
Accounts Payable		61,000		10,000
Bonds Payable		152,440		103,600
Common Stock		182,000		92,000
Retained Earnings		190,000		52,000
Other Comprehensive Income from Ship Company (OCI)Unrealized Gain on Investments		6,000
Unrealized Gain on Investments (OCI)				10,000
Sales		222,000		149,000
Income from Ship Company		21,600
	$ 973,040	$ 973,040	$ 499,600	$ 499,600

Additional Information

Ship purchased stock of Row Company on January 1, 20X8, for $34,000 and classified the investment as available-for-sale securities. The value of Rows securities increased to $44,000 at December 31, 20X8.

Required:

Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8.

Note: If no entry is required for a transaction/eve

Prepare a three-part consolidation worksheet for 20X8.

Prepare a consolidated balance sheet, income statement, and statement of comprehensive income for 20X8.