Pharoah Company had the following transactions pertaining to its short-term stock imvestments. Jan. 1 Purchased 2,000 shares of Sheridan Company stock for $100,100cash June 1 Recelved cash dividends of $2.70 per share on the Sheridan Company stock. Sept.15 Sold 1.000 shares of the Sheridan Company stock for $48,500. Dec, 31 The fair values of the securities totaied $80,000. Prepare the adjusting entry to report the portfolio at fair value. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)