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. Received $2 per share semiannual cash dividend on D Co.common stock 1 Sold 2,200 shares of D Co.common stock for cash at $9 per share. July 1 Aug. 1 Received $0.50 per share cash dividend on C Co. common stock. Sept. Oct. Nov. Received $1 per share cash dividend on E Co. common stock. Dec. 1 1 31 Sold 660 shares of C Co. common stock for cash at $53 per share. Received $0.50 per share cash dividend on C Co. common stock. Received $2.20 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. $47, D Co. $7, and E Co. $24. These investments should be classified as long-term. (a) Your Answer Correct Answer (Used) -Your answer is partially correct. Journalize the 2022 transactions and post to the account Stock Investments. (Use the T-account form.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Post entries in the order of journal entries in the question.) July 1 Date Account Titles and Explanation Cash Dividend Revenue Aug. 1 Cash Dividend Revenue Sept. 1 Cash Gain on Sale of Stock Investments Stock Investments Oct. 1 Cash Gain on Sale of Stock Investments Stock Investments Nov. 1 Cash Dividend Revenue Dec. 15 Cash Stock Investments Dec. 31 Bal eTextbook and Media Solution List of Accounts Dividend Revenue Cash Dividend Revenue Debit 22000 1100 19800 34980 2640 770 19360 Sept. 1 15840 Oct. 1 31680 Assistance Used Cr Using multiple attempts has impacted your score. 50% score reduction after attempt 5 Attempts: 10 of 10 used (b) Your answer is partially correct. Prepare the adjusting entry at December 31, 2022, to show the securities at fair value. Pharoah has less than a 20% ownership interest in all these common stocks (C Co., D Co., and E Co.). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. Fair Value Adjustment-Stock 31 Unrealized Gain or Loss-Income Debit Credit