Question 1 of 4 > -11 View Policies Current Attempt in Progress On January 1, 2021, Pharoah Company, a public company, purchased 35% of the common shares of Triple Titanium Inc. for $500,000. The remaining shares (65%) are held by the family members of the company's founder. Pharoah considers this a strategic investment and a critical step into developing consumer markets. Triple Titanium is currently a supplier to Pharoah. Pharoah placed two members on the 10-person board of directors of Triple Titanium and the two members believe they have been influential on the board through the year. Pharoah and Triple Titanium both have December 31 year ends. During 2021, Triple Titanium reported profit of $240,000 and paid total dividends of $60,000. Prepare the following journal entries for Pharoah, assuming significant influence does exist. (Credit account titles are automatically indented when the 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.) 1. The acquisition of the investment 2. Investment revenue and receipt of dividends related to the investment Date Account Titles and Explanation Debit Credit 2021 (To record purchase of investment.) 2021 Question 1 of 4 -11 III Prepare the following journal entries for Pharoah, assuming significant influence does exist. (Credit account titles are automatically indented when the 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.) 1. The acquisition of the investment 2. Investment revenue and receipt of dividends related to the investment Date Account Titles and Explanation Debit Credit 2021 (To record purchase of investment.) 2021 (To record dividend received from associate.) 2021 (To record investment income from associate.) e Textbook and Media Question 1 OT 4 Determine the balance in the investment account on December 31, 2021, and December 31, 2022. 2021 2022 Ending balance $ $ e Textbook and Media Question Part Score --/0.2 Show how the investment account and related revenue accounts would be reported on the financial statements for December 31, 2021. PHAROAH COMPANY Balance Sheet (Partial) $ Question 1 of 4 > -11 III Show how the investment account and related revenue accounts would be reported on the financial statements for December 31, 2021. PHAROAH COMPANY Balance Sheet (Partial) $ PHAROAH COMPANY Income Statement (Partial) $ e Textbook and Media Question Part Score --02