Stage Company operates on a calendar$-$year basis, reporting its results of operations quarterly. For the first quarter of $20$X$1,$ Stage reported sales of $$254,000$ and operating expenses of $$194,000$ and paid dividends of $$11,000.$ On April $1,20$X$1,$ Parachute Theaters Inc. acquired $85$ percent of Stage$$s common stock for $$816,000.$ At that date, the fair value of the noncontrolling interest was $$144,000,$ and Stage had $100,000$ outstanding shares of $$1$ par common stock, originally issued at $$6$ per share. The differential is related to goodwill. On December $31,20$X$1,$ the management of Parachute Theaters reviewed the amount attributed to goodwill as a result of its purchase of Stage common stock and concluded that goodwill was not impaired.

Stage$$s retained earnings statement for the full year $20$X$1$ appears as follows:

Retained Earnings, January $1,20$X$1$ $ $146,000$

Net Income $171,000$

Dividends $(36,000)$

Retained Earnings, December $31,20$X$1$ $ $281,000$

Parachute Theaters accounts for its investment in Stage using the equity method.

Required:

Present all entries that Parachute Theaters would have recorded in accounting for its investment in Stage during $20$X$1.$

Present all consolidation entries needed in a worksheet to prepare a complete set of consolidated financial statements for the year $20$X$1.$