This question is asking to provide all consolidating entries required to prepare a full set of consolidated statements for 20X8. Can anybody provide me with the journal entries for this probelm? Or anything it is asking?

On January 1, 20X7, Plimsol Company acquired 100 percent of Shipping Corporation's voting shares, at underlying book value. Plimsol uses the cost method in accounting for its investment in Shipping. Shipping's reported retained earnings of $75,000 on the date of acquisition. The trial balances for Plimsol Company and Shipping Corporation as of December 31, 20X8, follow: $ Plimsol Co. Debit Credit 160,000 180.000 $ Shipping Corp Debit Credit 115,000 135.000 125,000 85.000 60,000 0.000 15,000 Item Current Assets Depreciable Assets (net) Investment in Shipping Corp Other Expenses Depreciation Expense Dividends Declared Current Liabilities Long-Term Debt Common Stock Retained Earnings 10.000 15,000 $ 25,000 20,000 75,000 50.000 100,000 50,000 210,000 100,000 120,000 Dividend Income 175.000 15,000 $ 600,000 $ 600,000 7 340,000 5 340.000 Plimsol Co. Debit Credit 160,000 Shipping Corp Debit Credit 115,000 $ $ 180,000 135,000 125.000 85.000 60,000 20,000 15,000 Item Current Assets Depreciable Assets (net) Investment in Shipping Corp. Other Expenses Depreciation Expense Dividends Declared Current Liabilities Long-Term Debt Common Stock Retained Earnings Sales Dividend Income 30,000 15.000 25,000 20,000 75,000 50,000 100,000 50,000 210,000 100,000 120,000 175,000 15,000 $ 600,000 $ 600,000 $ 340,000 $340,000 Provide all consolidating entries required to prepare a full set of consolidated statements for 20X8