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do the balance sheet of the investment at 2022 Qi December 31, 2021, the end of its first year of operations, Pharoah Associates owned the

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Qi December 31, 2021, the end of its first year of operations, Pharoah Associates owned the following securities that are held as long-term investments. On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2022 , the following transactions occurred. July 1 Recelved $2.00 per share semiannual cash dividend on D Co. common stock. Aug. 1 Recelved $0.50 per share cash dividend on C Co. common stock. Sept. 1 Sold 1,020 shares of D Co, common stock for cash at $9 per share, Oct. 1 Sold 274 shares of C Co. common stock for cash at $54 per share. Nov. 1 Received $1 per share cash dividend on E Co. common stock. Dec. 15 Received $0.50 per share cash dividend on C Co. common stock. 31 Received $2.30 per share semiannual cash dividend on D Co. common stock. At December 31 , the fairvalues per share of the common stocks were C Co. $51,DC0.$7.70, and ECo. $24. These investments should be classified as long-term. Question 6 of 6 Date: Acioimt tians and f xplanation Cank. Divhowi Brewiente 6.35/10=1 Cast Stockimeterneits Cin on Sle of Stock infutrinerty Novi 1 Caith Whidend Reveriur Dec 15 Cacti Dirdeos Pentoue Doc- 31 Cain biskend Rerenie : O search Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. Pharoah has less than a 20% ownership interest in all these common stocks (C Co., D CO., and E Co.). (Credit occount titles are automatically indented when the amount is entered. Do not indent manually, if no entry is required, select " No Entry" for the account titles and enter 0 for the amounts.) Show the balance sheet presentation of the investments at 2022. These investments should be classified as long-term

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