Pirate Corporation purchased 100 percent ownership of Ship Company on January 1,205, for $279,000. On that date, the book value of Ship's reported net assets was $206,000. 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: Required: Prepare journal entries on Pirate Corporation's books relating to its investment in Ship Company for each of the three years, assuming it accounts for the investment using the equily method. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet