haroah Corporation purchased $380$ shares of Sherman Inc. common stock for $$12,300($Pharoah does not have signincanti uring the year, Sherman paid a cash dividend of $$3\mathrm{.}50$ per share. At year$-$end, Sherman stock was selling for $$37\mathrm{.}50$ per share. ssume the stock is nonmarketable.

repare Pharoah's journal entries to record $($a$)$ the purchase of the investment, $($b$)$ the dividends received, and $($c$)$ the fair value djustment. $($Assume a zero balance in the Fair Value Adjustment account.$)($List all debit entries before credit entries. Credit account titles re automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and inter $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($a$)$

Equity Investments

$($b$)$ cash

Dividend Revenue

$($c$)$

Fair Value Adjustment

$$

$$

Unrealized Holding Gain or Loss $-$ Income $q,$