7 10 points Softball Corporation reported the following balances at January 1, 20X9 Item Cash Accounts Receivable Inventory Buildings and Equipment 120,000 Book Value $ 45,000 Fair Value $ 45,000 60,000 60,000 130,000 300,000 240,000 Skipped Less: Accumulated Depreciation (150,000) $375,000 $475,000 $ 75,000 $75,000 Common Stock ($10 par value) eBook 100,000 30,000 170,000 $375,000 Total Assets Accounts Payable Print References Additional Paid-In Capital Retained Earnings Total Liabilities and Equities On January 1, 20X9, Pitcher Corporation purchased 100 percent of Softball's stock. All tangible assets had a remaining economic life of 10 years at January 1, 20X9. Both companies use the FIFO inventory method. Softball reported net income of $16,000 in 20x9 and paid dividends of $3,200. Pitcher uses the equity method in accounting for its investment in Softball. Required: Prepare all journal entries that Pitcher recorded during 20X9 with respect to its investment assuming Pitcher paid $437,500 for the ownership of Softball on January 1, 20X9. The amount of the differential assigned to goodwill is not impaired. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet A B C DE