Softball Corporation reported the following balances at January 1, 209: Item Cash Accounts Receivable Inventory Buildings and Equipment Less: Accumulated Depreciation Total Assets Accounts Payable Common Stock ($9 par value) Additional Paid-In Capital Retained Earnings Total Liabilities and Equities Book Value Fair Value $ 48,000 61,000 117,000 313,000 (161,000) $ 378,000 $ 74,000 92,000 23,000 189,000 $ 378,000 $ 48,000 61,000 137,000 249,000 $ 495,000 $ 74,000 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 $35,000 in 20X9 and paid dividends of $4,900. 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 $460,000 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 Record the purchase of Softball. Note: Enter debits before credits. Event 1 General Journal Debit Credit >