Pitch Corporation purchased 100 percent ownership of Southpaw Corporation on January 1, 20X4, for $65,000, which was $10,000 above the underlying book value. Half the additional amount was attributable to an increase in the value of land held by Southpaw, and a half was due to an increase in the value of the equipment. The equipment had a remaining economic life of five years on January 1, 20X4. During 20X4, Southpaw reported a net income of $12,000 and paid dividends of $4,500. Prepare the journal entries that Pitch Corporation recorded during 20X4 related to its investment in Southpaw Corporation, assuming Pitch uses the equity method in accounting for its investment.