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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.
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