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*Exercise 17-15 Pharoah Company has the following securities in its portfolio on December 31, 2017. None of these investments are accounted for under the equity method. Investments Cost - Fair Value $74,100 $69,900 1,500 shares of Gordon, Inc., Common 5,000 shares of Wallace Corp., Common 400 shares of Martin, Inc., Preferred 178,400 173,900 63,200 64,600 $315,700 $308,400 All of the securities were purchased in 2017. In 2018, Pharoah completed the following securities transactions. March 1 April 1 Sold the 1,500 shares of Gordon, Inc., Common, @ $45 less fees of $1,200. Bought 700 shares of Earnhart Corp., Common, @ $75 plus fees of $1,300. Pharoah's portfolio of equity securities appeared as follows on December 31, 2018 Fair Investments Cost Value $178,400 $173,900 5,000 shares of Wallace Corp., Common 700 shares of Earhart Corp., Common 400 shares of Martin, Inc., Preferred 53,800 50,300 63,200 61,400 $295,400 $285,600 Prepare the general journal entries for Pharoah Company for: (a) The 2017 adjusting entry. (b) The sale of the Gordon stock. (c) The purchase of the Earnhart stock. (d) The 2018 adjusting entry for the trading portfolio. (Credit account tities 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 o for the amounts.) No. Account Titles and Explanation Debit Credit

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