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Journalize the transactions for pharoah inc

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Reference no: EM132718395

Pharoah Inc. had the following transactions pertaining to investments in common stock.

Jan.1 Purchased 3,100 shares of Escalante Corporation common stock (4%) for $188,480 cash.

July 1 Received a cash dividend of $3 per share.

Dec.1 Sold 620 shares of Escalante Corporation common stock for $39,680 cash.

Dec. 31 Received a cash dividend of $3 per share.

Problem 1: Journalize the transactions.

Reference no: EM132718395

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