Exercise 16-05 (Video) Pharoah Inc. had the following transactions pertaining to investments common stock. 1 Jan. 1 July Dec. 1 Dec. 31 Purchased 5,000 shares of Escalante Corporation common stock (7%) for $304,000 cash. Received a cash dividend of s5 per share. Sold 1,000 shares of Escalante Corporation common stock for $64,000 cash. Received a cash dividend of $5 per share. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 v Debt Investments 304,000 Cash 304,000 July 1 Cash 25,000 Dividend Revenue 25,000 Dec. 1 Cash Debt Investments