Softball Corporation reported the following balances at January 1, 20X9:

Item	Book Value	Fair Value
Cash	$ 56,000	$ 56,000
Accounts Receivable	61,000	61,000
Inventory	118,000	132,000
Buildings and Equipment	301,000	241,000
Less: Accumulated Depreciation	(165,000)
Total Assets	$ 371,000	$ 490,000
Accounts Payable	$ 66,000	$ 66,000
Common Stock ($9 par value)	98,000
Additional Paid-In Capital	29,000
Retained Earnings	178,000
Total Liabilities and Equities	$ 371,000

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 $26,000 in 20X9 and paid dividends of $3,400. 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 $454,500 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.