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Here is Pharoah Company's portfolio of long-term stock investments at December 31, 2019, the end of its first year of operations. Cost 1,300 shares of
Here is Pharoah Company's portfolio of long-term stock investments at December 31, 2019, the end of its first year of operations. Cost 1,300 shares of Batone Inc. common stock $67,340 1,200 shares of Mendez Corporation common stock 76,800 830 shares of P. Tillman Corporation preferred stock 38,180 On December 31, the total cost of the portfolio equaled the total fair value. Pharoah had the following transactions related to the securities during 2020. Jan. 20 Sold 1,300 shares of Batone Inc. common stock at $54 per share. 28 Purchased 390 shares of $10 par value common stock of P. Wahl Corporation at $77 per share. 30 Received a cash dividend of $1.16 per share on Mendez Corporation common stock. Feb. 8 18 July 30 Sept. 6 Received cash dividends of $0.40 per share on P. Tillman Corporation preferred stock. Sold all 830 shares of P. Tillman preferred stock at $36 per share. Received a cash dividend of $1.20 per share on Mendez Corporation common stock. Dec. 1 Purchased an additional 660 shares of the $10 par value common stock of P. Wahl Corporation at $89 per share. Received a cash dividend of $1.40 per share on P. Wahl Corporation common stock. At December 31, 2020, the fair values of the securities were: Mendez Corporation common stock $59 per share P. Wahl Corporation common stock $76 per share Pharoah uses separate account titles for each investment, such as Investment in Mendez Corporation Common Stock. Prepare journal entries to record the transactions. (Credit account titles are automatically indented when the amount is entered.Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Feb. 18 Debit Credit
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