Pharoah Inc. had these transactions pertaining to investments in common stock: Jan. 1 Purchased 1,190 shares of Gate Corporation common stock ( 5% of outstanding shares) for $59,500 cash. July 1 Received a cash dividend of $7 per share. Dec. 1 Sold 890 shares of Gate Corporation common stock for $46,280 cash. 31 Received a cash dividend of $7 per share. Date Account Titles and Explanation Debit Credit Stock Investments Cash Cash Dividend Revenue Cash Stock Investments Gain on Sale of Stock Investments Cash Dividend Revenue