On August 1, 2020, Pharoah Corporation purchased 20% of the outstanding voting shares in WLT Corporation for $1.300.000 A the time of purchase, WLT's net assets were undervalued by $71.000 and had a remaining useful life of 12 years. Both companies had a December 31 year end. At the end of 2020, WLT reported a net income of $324.000. Als, on December 31, 2020, the fait value of the investment in WLT shares was $1A22.000. On January 10, 2021, WLT paid a cash dividend. Pharval's cwnership entitles it to 516,100 of the dividend Prepare the journal entries on the books of Pharoah Corporation to record the tramaction described above, that the Interest in WIt does not represent significant influence, and that Pharoah elected to account for its investment following the fa value through net income (FV Ni model. Credit amount titles are tomatically indented when the amount is enteret Domainen many Rejournal entries in the order presented in the problem of entry is required, select "No Entry for the anunt difesa enter for the amounts: Prepare the journal entries on the books of Pharoah Corporation to record the transactions described above, auming that the interest in WLT does not represent significant influence, and that Pharoah elected to acount for its investment following the fait value through net income (FV.Ni model. Credit account titles are automatically indented when the amount is entiret. I mot ident many Record jemural entries in the order wesented in the problem. At no entry is quired, select "Mo Entry for the action title mer for the mounts:) Date Account Titles and Explanation Debit Credit slot