Softball Corporation reported the following balances at January 1, 20X9: Item Cashi 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 Fale Value $ 61,000 $ 61,000 74,000 74,000 112,000 137,000 308,000 253,000 (160,000) $395,000 $ 58,000 81,000 27,000 229,000 $ 395,000 $525,000 $ 58,000 On January 1, 20X9, Pitcher Corporation purchased 100 percent of Softball's stock. All tangible assets had a remaining economic life of 5 years at January 1, 20X9. Both companies use the FIFO Inventory method. Softball reported net income of $24.000 in 20x9 and. paid dividends of $3.900. 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 $505.000 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.) View transaction list