PLEASE ONLY HELP WITH PART B QUESTIONS 5 & 6:

Please only help with questions 5 & 6 on Part B

On January 1, 20X5, Pirate Company acquired all of the outstanding stock of Ship Inc., a Norwegian company, at a cost of $162,000. Ship's net assets on the date of acquisition were 700.000 kroner (NKr). On January 1, 20X5, the book and fair values of the Norwegian subsidiary's identifiable assets and liabilities approximated their fair values except for property, plant, and equipment and patents acquired. The fair value of Ship's property, plant, and equipment exceeded its book value by $18,000. The remaining useful life of Ship's equipment at January 1, 20X5, was 10 years. The remainder of the differential was attributable to a patent having an estimated useful life of 5 years. Ship's trial balance on December 31, 20X5, in kroner, follows: Credits Debits NKr 158,000 219,000 284,000 620,000 Cash Accounts Receivable (net) Inventory Property, Plant & Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Sales Cost of Goods Sold Operating Expenses Depreciation Expense Dividends Paid Total NKr 152,000 107,000 200,000 450,000 250,000 775,000 417,000 123,000 68,000 45,000 NKr1,934,000 NKr1,934,000 Additional Information: 1. Ship uses the FIFO method for its inventory. The beginning inventory was acquired on December 31, 20X4, and ending inventory was acquired on December 15, 20X5. Purchases of NKr420,000 were made evenly throughout 20X5. 2. Ship acquired all of its property, plant, and equipment on July 1, 20X3, and uses straight-line depreciation. 3. Ship's sales were made evenly throughout 20X5, and its operating expenses were incurred evenly throughout 20X5. 4. The dividends were declared and paid on July 1, 20X5. 5. Pirate's income from its own operations was $235,000 for 20X5, and its total stockholders' equity on January 1, 20X5, was $3,500,000. Pirate declared $170,000 of dividends during 20X5. 6. Exchange rates were as follows: July 1, 20X3 December 30, 20X4 January 1, 20X5 July 1, 2005 December 15, 20X5 December 31, 2005 Average for 20x5 NKr $ 1 0.15 1 = 0.18 1 = 0.18 1 = 0.19 1 = 0.205 1 = 0.21 1 - 0.20 Required: a. Prepare a schedule translating the trial balance from Norwegian kroner into U.S. dollars. Assume the krone is the functional currency. (lf no adjustment is needed, select 'no entry necessary!) Items Norweign Kroner Exchange rate U.S. Dollar Cash 158,000 0.21 33,180 Accounts receivable (net) 219,000 0.21 45,990 Inventory 284,000 0.21 59,640 Property, plant and equipment 620,000 0.21 130,200 Cost of goods sold 417,000 0.20 83,400 Operating expenses 123,000 0.20 24,600 Depreciation expenses 68,000 0.20 13,600 Dividend paid 45,000 0.19 8,550 Total 1,934,000 399,160 Accumulated depreciation[P1] 152,000 0.21 31,920 Accounts payable 107,000 0.21 22,470 Notes payable 200,000 0.21 42,000 Common stock 450,000 0.18 81,000 Retained earnings 250,000 0.18 45,000 Sales 775,000 0.20 155,000 Total 1,934,000 377,390 21,770 Accumulated other comprehensive income - translation adjustment (Credit) Total credits 1,934,000 399,160 b. Assume that Pirate uses the fully adjusted equity method. Record all journal entries that relate to its investment in the Norwegian subsidiary during 20X5. Provide the necessary documentation and support for the amounts in the journal entries, including a schedule of the translation adjustment related to the differential. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Please answer the following: 1. Record the purchase of Ship Inc. 2. Record the dividend received from the foreign subsidiary. 3. Record the equity in the net income of the foreign subsidiary. 4. Record the parent's share of the translation adjustment from the translation of the subsidiary's accounts 5. Record the amortization of the differential. 6. Record the translation adjustment applicable to the differential. Thank you in advance for the help