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 ($10 par value) Additional Paid-In Capital Retained Earnings Total Liabilities and Equities Book Value Fair Value $ 54,000 $ 54,000 70,000 70,000 114,000 134,000 307,000 253,000 (156,000) $ 389,000 $511,000 $ 59,000 84,000 27,000 219,000 $ 389,000 $ 59,990 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 $27,000 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 $492,000 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 Journal entry worksheet Record the dividend received from Softball. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal Journal entry worksheet B DE > Record the equity-method income/loss. ces Note: Enter debits before credits. Event General Journal Debit Credit 3 Record entry Clear entry View general journal Journal entry worksheet