Practically Academic Corporation acquired $80$ percent ownership of Schwim Corporation on January $1,20$X$8,$ for $$360,000.$ At that date, Seahawk reported common stock outstanding of $$200,000$ and retained earnings of $$140,000.$ The fair value of the noncontrolling interest was $$90,000.$ The differential is assigned to equipment, which had a fair value $$45,000$ greater than book value and a remaining economic life of five years at the date of the business combination and a trademark which was unrecorded on Schwim's book at the time of acquisition but which has a fair value of $38000.$ Any remaining amount was assigned to goodwill. Schwim reported net income of $$60,000$ and paid dividends of $$40,000$ in $20$X$8.$ On December $31,20$x$8$ the goodwill associated with Schwim was determined to be impaired and had a value of $14000.$ Required: $1)$ Provide the journal entries recorded by Patriot during $20$X$8$ on its books if it accounts for its investment in Seahawk using the equity method. $2)$ Give the consolidating entries needed at December $31,20$X$8,$ to prepare consolidated financial statements.