E4-9 Equity Entries with Goodwill LO 4-1, 4-2 Softball Corporation reported the following balances at January 1, 20x9 Book Value Fair Value Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Total Assets Accounts Payable Common Stock (59 par value) Additional Paid-In Capital Retained Earnings Total Liabilities and Equities $50,000 65,000 112,000 305,000 (155,000) $ 383,000 $65,000 87,000 25,000 202,000 383,000- $ 56,000 55,000 131,000 246,000 $490,000 $ 65,000 On January 1, 2009. 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 $17,000 in 2009 and paid dividends of $4,600 Pacher 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 $472,000 for the ownership of Softball on January 1, 20x9 The amount of the differential assigned to goodwill is not impaired (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)