Pirate Corporation purchased $100$ percent ownership of Ship Company on January $1,205,$ for $$289,000.$ On that date, the book value of Ship's reported net assets was $$218,000.$ The excess over book value paid is attributable to depreciable assets with a remaining useful life of $5$ years. Net income and dividend payments of Ship in the following periods were as shown below:

$\backslash$table$[[$Year$,$Net,Income,Dividends$],[205,$$$,26,000,$$$11,000$