Prince Corporation holds 75 percent of the common stock of Sword Distributors Inc., purchased on December 31, 20x1, for $2,300,000. At the date of acquisition, Sword reported common stock with a par value of $930,000, additional paid- in capital of $1,280,000, and retained earnings of $540,000. The fair value of the noncontrolling Interest at acquisition was $700,000. The differential at acquisition was attributable to the following Items: Inventory (sold in 20x2) $12,500 Land Goodwill Total Differential 17,500 20,000 $50,000 During 20x2, Prince sold a plot of land that it had purchased several years before to Sword at a gain of $7,000; Sword continues to hold the land. In 2006, Prince and Sword entered into a five-year contract under which Prince provides management consulting services to Sword on a continuing basis; Sword pays Prince a fixed fee of $95,000 per year for these services. At December 31, 20X8, Sword owed Prince $23,750 as the final 20X8 quarterly payment under the contract. On January 2, 20X8, Prince paid $280,000 to Sword to purchase equipment that Sword was then carrying at $320,000. Sword had purchased that equipment on December 27, 20x2, for $480,000. The equipment is expected to have a total 15-year life and no salvage value. The amount of the differential assigned to goodwill has not been impaired. At December 31, 20X8, trial balances for Prince and Sword appeared as follows: Item Cash Current Receivables Inventory Investment in Sword Distributors Land Prince Corporation Credit Debit 53,700 106,800 Debit 41,000 Sword Distributors Inc. Credit 94,400 235,900 291,000 2,825,375 404,000 Buildings & 2,560,000 Equipment Cost of Goods Sold 2,186,000 Depreciation & 191,000 Amortization Other Expenses 1,373,000 Dividends Declared 43,000 Accumulated Depreciation Current Payables Bonds Payable Common Stock Additional Paid-in Capital Retained Earnings, January 1 Sales Other Income or Loss Income from Sword Distributors Total 1,204,000 3,030,000 505,000 71,000 216,000 13,000 $1,091,000 93,200 889,000 $ 413,000 295,300 194,000 88,000 930,000 1,268,000 1,280,000 1,472,800 1,330,000 4,873,875 1,002,000 99,000 34,000 159,000 $10,033,875 $10,033,875 $5,444,300 $5,444,300 ate the As of December 31, 20x8, Sword had declared but not yet paid its fourth-quarter dividend of $5,000. Both companies use straight-line depreciation and amortization. Prince uses the fully adjusted equity method to account for its Investment in Sword. c. Present all consolidation entries that would appear in 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. Round your answers to nearest whole dollar amount.) view transaction list Record the basic consolidation entry. Record the excess value (differential) reclassification entry. Record the entry to eliminate the intercompany service revenue. Record the entry to eliminate the intercompany receivables/payables. Record the entry to eliminate the intercompany dividend owed. Record the entry to eliminate the gain on the sale of land. Credit