On December 31, 2021, the end of its first year of operations, Pharoah Associates owned the following securities that are held as long- term investments. Common Stock Shares Cost C Co. 940 $48,880 D Co. 4,640 36,656 E Co. 1,169 23,380 On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2022, the following transactions occurred. July 1 Received $2.00 per share semiannual cash dividend on D Co.common stock. Received $0.50 per share cash dividend on C Co. common stock. Aug. 1 Sept. 1 Sold 1,020 shares of D Co. common stock for cash at $9 per share. Oct. 1 Sold 274 shares of C Co.common stock for cash at $54 per share. Received $1 per share cash dividend on E Co. common stock. Nov. 1 Dec. 15 Received $0.50 per share cash dividend on C Co. common stock. 31 Received $2.30 per share semiannual cash dividend on D Co.common stock. At December 31, the fair values per share of the common stocks were C Co. $51, D Co. $7.70, and E Co. $24. These investments should be classified as long-term. Date Account Titles and Explanation Debit Credit Post to the account Stock Investments. Stock Investments