P Corporation purchased 100 percent of the common stock of Slice Corporation on January 1, 20X2. by Issuing 55,000 shares of its $5 par value common stock. The market price of P's shares at the date of issue was $25. Slice reported net assets with a book value of $1,280,500 on that date. The amount paid in excess of the book value of Slice's net assets was attributed to the increased value of patents held by Slice with a remaining useful life of 9 years Slice reported net income of 562.000. paid dividends of $28,000 in 20x2. reported a net loss of $50,000, and paid dividends of $18,000 in 20x3. Required: Assuming that P Corporation uses the equity method in accounting for its investment in Slice Corporation, prepare all journal entries