Pharoah Corporation made the following cash purchases of securities during 2020, which is the first year in which Pharoah invested in securities. 1. 2. On January 15, purchased 10,400 shares of Sanchez Company's common stock at $33.50 per share plus commission $2,064. On April 1, purchased 5,200 shares of Vicario Co's common stock at $52 per share plus commission $3,500. On September 10, purchased 7,280 shares of WTA Co's preferred stock at $26.50 per share plus commission $5,104. 3. On May 20, 2020, Pharoah sold 4,160 shares of Sanchez Company's common stock at a market price of $35 per share less brokerage commissions, taxes, and fees of $4,004. The year-end fair values per share were Sanchez $30, Vicario $55, and WTA $28. In addition, the chief accountant of Pharoah told you that the corporation plans to hold these securities for the long-term but may sell them in order to earn profits from appreciation in prices. The equity method of accounting is not appropriate for these stock purchases. Prepare the journal entries to record the above three security purchases. (Round answers to decimal places, e.g. 2,500. 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 Ofor the amounts.) te Account Titles and Explanation Debit Credit 2020 Equity Investments 350464 Cash 350464 020 > Equity Investments 273900 Cash 273900 2020 Equity Investments 198024 Cash 198024 Prepare the journal entry for the security sale on May 20. (Round answers to decimal places, e.g. 2,500. 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 for the amounts.) Date Account Titles and Explanation Debit Credit May 20, 2020 Cash 141596 Equity Investments 140186 Gain on Sale of Investments 1410 Compute the unrealized gains or losses. (Round answer to 0 decimal places, e.g. 2,500.) Unrealized Losses $ Prepare the adjusting entries for Pharoah on December 31, 2020. (Round answers to O decimal places, e.g. 2,500. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec 31, 2020 Unrealized Holding Gain or Loss -Income Fair Value Adjustment