Prince Corporation holds 75 percent of the common stock of Sword Distributors Inc., purchased on December 31, 20X1, for $2,160,000. At the date of acquisition, Sword reported common stock with a par value of $910,000, additional paid-in capital of $1,260,000, and retained earnings of $520,000. The fair value of the noncontrolling interest at acquisition was $720,000. The differential at acquisition was attributable to the following items:

Inventory (sold in 20X2)	$	47,500
Land		66,500
Goodwill		76,000
Total Differential	$	190,000

During 20X2, Prince sold a plot of land that it had purchased several years before to Sword at a gain of $26,600; Sword continues to hold the land. In 20X6, 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 $92,000 per year for these services. At December 31, 20X8, Sword owed Prince $23,000 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:

	Prince Corporation									Sword Distributors Inc.
Item	Debit				Credit					Debit				Credit
Cash		$	51,700								$	39,000
Current Receivables			110,800									98,400
Inventory			287,000									228,900
Investment in Sword Distributors			2,825,275
Land			407,000									1,207,000
Buildings & Equipment			2,520,000									3,050,000
Cost of Goods Sold			2,192,000									505,000
Depreciation & Amortization			193,000									76,000
Other Expenses			1,366,000									221,000
Dividends Declared			47,000									17,000
Accumulated Depreciation						$	1,097,000								$	407,000
Current Payables							91,200									395,300
Bonds Payable							806,000									197,000
Common Stock							87,000									910,000
Additional Paid-in Capital							1,263,000									1,260,000
Retained Earnings, January 1							1,463,800									1,310,000
Sales							4,944,025									992,000
Other Income or Loss							100,000					29,000
Income from Sword Distributors							147,750
Total		$	9,999,775			$	9,999,775				$	5,471,300			$	5,471,300

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.

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.) Record the basic consolidation entry.

Record the entry to eliminate the intercompany dividend owed.

Record the entry to eliminate the gain on the sale of land.

Record the entry to eliminate the gain on equipment and to correct the asset's basis.

Record the entry to adjust Accumulated Depreciation.