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 $17,000 in 20X9 and paid dividends of $4,700. Pitcher uses the equity method in accounting for its investment in Softball.

The question is not complete,find attached complete question in word document.

Find all the journal entries in the attached spreadsheet

Explanation:

Please note the following points:

The goodwill is the excess of purchase consideration of $ 476,500.00  over the net assets of Softball acquired,that is $ 318,000.00  

The net assets is total assets acquired of $374,000 minus the liabilities taken over of $56000

Equity method income is the difference between Softball's net income reported and the dividends paid

the answer is true.  i do believe this is the answer because of the amount of wrecks people get into each year.  if you double this with avoiding those so said wrecks, that would make you a "skilled" driver.

answer; closing the loop;