Shames Company is located in London, England. The local currency is the British pound $().$ On January $1,20$X$8,$ Pit Company purchased an $80$ percent interest in Shames for $$403,000,$ which resulted in an excess of cost$-$over$-$book value of $$16,000$ due solely to a trademark having a remaining life of $10$ years. Pit uses the equity method to account for its investment.

Shames$$s December $31,20$X$8,$ trial balance has been translated into U$.$S$.$ dollars, requiring a translation adjustment debit of $$7,500.$ Shames$$s net income translated into U$.$S$.$ dollars is $$78,000.$ It declared and paid a $17,000$ dividend on May $1,20$X$8.$

Relevant exchange rates are as follows:

January $1,20$X$81=$ $ $1\mathrm{.}60$

May $1,20$X$81=$ $ $1\mathrm{.}64$

December $31,20$X$81=$ $ $1\mathrm{.}65$

Average for $20$X$81=$ $ $1\mathrm{.}63$

Required:

Record the dividend received by Pit from Shames.

Prepare the entries to record Pit$$s equity in the net income of Shames and the parent$$s share of the translation adjustment.

Show a calculation of the differential reported on the consolidated balance sheet of December $31,20$X$8,$ and the translation adjustment from differential.

Record the amortization of the trademark on Pit$$s books.

Calculate the amount of the translation adjustment reported on the statement of comprehensive income as an element of other comprehensive income.