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 $70,000 on the acquisition date. Trial balance data at December 31, 20X8, for Pirate and Ship are as follows: Pirate Corporation Debit Credit $ 32,000 77,000 45,000 503,000 Ship Company Debit Credit $ 8,000 27,000 35,000 239,000 48,000 Item Cash Accounts Receivable Inventory Buildings & Equipment Investment in Row Company Investment in Ship Company Cost of Goods Sold Depreciation Expense Interest Expense Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Other Comprehensive Income from Ship Company (OCI)-Unrealized Gain on Investments Unrealized Gain on Investments (OCI) Sales Income from Ship Company 105,600 150,000 28,000 6,000 30,000 110,000 8,000 3,000 21,000 $134,000 55,000 167,600 182,000 190,000 $ 78,000 19,000 84,000 96,000 56,000 6,000 10,000 156,000 221,000 21,000 $976,600 $976, 600 $499,000 $499,000 Additional Information Ship purchased stock of Row Company on January 1, 20X8, for $38,000 and classified the investment as available-for-sale securities. The value of Row's securities increased to $48,000 at December 31, 20X8. Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Consolidation Worksheet Entries