On August 1,2020, Pharoah Corporation purchased 20% of the outstanding voting shares in WLT Corporation for $1,300,000 AL the time of purchase, WIT's nest were undervalued by $71.000 andledaremaining useful life of 12 years Bath companies had a December 31 year end. At the end of 2020, WLT reported a net income of $324000. Abos on December 31, 2020, the value of the investment in WLT shares was $1422.000. On fanary 10, 2001, WLT paid a condividend hroat's ownership entitles it to $14,100 of the dividend Prepare the journal entries on the books of Pharosh Corporation to record the transactions des bed above, assuming that the interest in WLT does not representancant influence, and that Pharoahelected to account for its investment following their value through net income (FV.Ni model: (Greditaceman titles are netically indented when the amount is entwed. Do not imit manually. Record journal entries in the other prevented in the problem. I no entry is required to Entry for the account bites and enter for the amount Prepare the journal entries on the books of Pharah Corporation to record the transactions described above, assuming that the 20 interest in WLT does not represent significant influence, and that Pharoah elected to account for its investment following the fair value through net income IFV Nomadel. Credit camount titles are automatically indented when the amount is entendremot indiet murally. Record journal entries in the order presented in the problem of entry is ruined, sled "No Entry for the content er for the amounts.) Date Account Titles and Explanation Debat Credit On August 1,2020, Pharoah Corporation purchased 20% of the outstanding voting shares in WLT Corporation for $1,300,000 AL the time of purchase, WIT's nest were undervalued by $71.000 andledaremaining useful life of 12 years Bath companies had a December 31 year end. At the end of 2020, WLT reported a net income of $324000. Abos on December 31, 2020, the value of the investment in WLT shares was $1422.000. On fanary 10, 2001, WLT paid a condividend hroat's ownership entitles it to $14,100 of the dividend Prepare the journal entries on the books of Pharosh Corporation to record the transactions des bed above, assuming that the interest in WLT does not representancant influence, and that Pharoahelected to account for its investment following their value through net income (FV.Ni model: (Greditaceman titles are netically indented when the amount is entwed. Do not imit manually. Record journal entries in the other prevented in the problem. I no entry is required to Entry for the account bites and enter for the amount Prepare the journal entries on the books of Pharah Corporation to record the transactions described above, assuming that the 20 interest in WLT does not represent significant influence, and that Pharoah elected to account for its investment following the fair value through net income IFV Nomadel. Credit camount titles are automatically indented when the amount is entendremot indiet murally. Record journal entries in the order presented in the problem of entry is ruined, sled "No Entry for the content er for the amounts.) Date Account Titles and Explanation Debat Credit