Assume that Pharoah Corp. acquires 20% of Sheridan Corp. for $366000 on January 1, 2021. The journal entry on Pharoah's books assuming Sheridan's net income for 2021 was $615000 would include a debit to O No entry is necessary. Stock Investments for $123000. Cash for $123000. O Cash for $615000.

Assume that Pharoah Corp. acquires 20% of Sheridan Corp. for $366000 on January 1, 2021. The journal entry on Pharoah's books assuming Sheridan's net income for 2021 was $615000 would include a debit to No entry is necessary. Stock Investments for $123000. Cash for $123000. Cash for $615000. Assume that Pharoah Corp. acquires 20% of Sheridan Corp. for $366000 on January 1, 2021. The journal entry on Pharoah's books assuming Sheridan's net income for 2021 was $615000 would include a debit to No entry is necessary. Stock Investments for $123000. Cashfor $123000. Cash for $615000