Softball Corporation reported the following balances at January 1, 20X9: 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 $ 58,000 $ 58,000 77,000 77,000 111,000 139,000 319,000 253,000 (152,000) $ 413,000 $ 527,000 $ 57,000 $ 57,000 81,000 20,000 255,000 $ 413,000 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 $21,000 in 20X9 and paid dividends of $4,000. 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 $510,000 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 Journal entry worksheet