Pharoah Company purchased, on January 1, 2020, as an available-for-sale security, $81,000 of the 9%, 5-year bonds of Chester Corporation for $75,012, which provides an 11% return. Prepare Pharoahs journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $76,950. (Round answers to 0 decimal places, e.g. 1,225. 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.)

Brief Exercise 17-02 Pharoah Company purchased, on January 1, 2020, as an available-for-sale security, $81,000 of the 9%, 5-year bonds of Chester Corporation for $75,012, which provides an 11% return. Prepare Pharoah's journal entries for (a) the purchase of the investment, (b) the receipt of annual interest and discount amortization, and (c) the year-end fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) The bonds have a year-end fair value of $76,950. (Round answers to o decimal places, e.g. 1,225. 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 o for the amounts.) Debit Credit No. Account Titles and Explanation (a) (c) Click if you would like to show Work for this question Onan Show Work