Information pertaining to stock investments in 2022 by Pharoah Corporation follows: Acquired 15% of the 200,000 shares of common stock of Sheridan Company at a total cost of $12 per share on January 1, 2022. On July 1, Sheridan Company declared and paid a cash dividend of $1.90 per share. On December 31, Sheridan reported net income was $680,000 for the year. Obtained significant influence over Sunland Company by buying 30% of Sunland's 147,000 outstanding shares of common stock at a total cost of $29 per share on January 1, 2022. On June 15, Sunland Company declared and paid a cash dividend of $2.50 per share. On December 31, Sunland's reported net income was $349,000. Prepare all necessary journal entries for 2022 for Pharoah Corporation. (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 Debit Credit (To record purchase of Sheridan Company stock) (To record purchase of Sunland Company stock)