On January 1, 2020, Pharoah Corporation purchased 30% of the common shares of Novak Company for $170,000. During the year, Novak earned net income of $78,000 and paid dividends of $19,500. Prepare the entries for Pharoah to record the purchase and any additional entries related to this investment in Novak Company in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
(To record purchase of stock.)
(To record receipt of dividends.)
(To record revenue.)