Before working on this one, please read everything. There should be 3 and ONLY 3 journal entries in the answer. Also please fill out something identical or very similiar to the last sheet so it is clear where each value has to be inputed. It is easier to understand why something goes in the spot when it is easily laid out. Please do not include other journal entries/information that is not necessary to the problem in question. Thanks and I will make sure to upvote if the answer is correct

Pirate Corporation acquired 60 percent ownership of Ship Company for $96,000 on January 1, 20X8, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 40 percent of the book value of Ship Company. Accumulated depreciation on Buildings and Equipment was $75,000 on the acquisition date. Trial balance data at December 31, 20X9, for Pirate and Ship are as follows: Item Cash $ Pirate Corporation Debit Credit 18,000 45,000 40,000 585,000 Ship Company Debit Credit $ 11,000 21,000 30,000 257,000 44,000 116,400 170,000 30,000 8,000 40,000 97,000 10,000 3,000 20,000 Accounts Receivable Inventory Buildings & Equipment Investment in Row Company Investment in Ship Company Cost of Goods Sold Depreciation Expense Interest Expenses Dividends Declared Accumulated Depreciation Accounts Payable Bonds Payable Common Stock Retained Earnings Accumulated Other Comprehensive Income Other Comprehensive Income from Ship Company (OCI)-Unrealized Gain on Investments Unrealized Gain on Investments (OCI) Sales Income from Ship Company $ 170,000 75,000 100,000 200,000 231,000 6,000 $ 95,000 24.000 50,000 100,000 70,000 10,000 2,400 4,000 140,000 250,000 18,000 $1,052,400 1,052,400 493,000 $493,000 Additional Information Ship purchased stock of Row Company on January 1, 20X8, for $30,000 and classified the investment as available-for-sale securities. The value of Row's securities increased to $40,000 and $44,000, respectively, at December 31, 20X8, and 20X9. Assume that depreciation expense was $10,000 for the previous year as well. Required: a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Record all consolidation entries needed to prepare a three-part consolidation worksheet as of December 31, 20X9. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries > Record the basic consolidation entry. Note: Enter debits before credits. Event Credit Accounts Investment in Ship Company Cash Debit 108,000 1 108,000 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries B C > Record the entry for Other Comprehensive Income. Note: Enter debits before credits. Event Accounts Credit Debit 18,000 2 Investment in Ship Company Income from Ship Company 18,000 Record entry Clear entry view consolidation entries Consolidation Worksheet Entries