1. Please complete the blanks above

2. Show how each class of shares will be presented in the shareholders equity section of the balance sheet at December 31.

The following shareholders' equity accounts are reported by Pharoah Inc. on January 1: Common shares (unlimited authorized, 142,500 issued) $2,280,000 Preferred shares ($4 cumulative, convertible, 100,000 authorized, 4,500 issued) 337,500 Contributed surplus-reacquisition of common shares 29,000 Retained earnings 1,255,000 The following selected transactions occurred during the year: Mar. Feb. 11 Issued 47,500 common shares at $20 per share. 2 Reacquired 19,000 common shares at $22 per share. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. July 25 Reacquired 330 preferred shares at $70 per share. Sept. 16 Reacquired 47,500 common shares for $17 per share. Oct. 27 Declared a 5% common stock dividend distributable on December 13 to shareholders of record on November 24. The fair value of the common shares on October 27 was $19 per share. Distributed the stock dividend declared on October 27. The fair value of the common shares on December 13 was $21 Dec. 13 per share. Prepare journal entries for the transactions. (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 for the amounts. Record journal entries in the order presented in the problem. Round average per share to 2 decimal places, eg. 15.25 and final answers to decimal places, eg. 5,276) Date Debit Credit Account Titles and Explanation Cash Feb. 11 950000 950000 Common Shares (Issued common shares for cash.) Mar.2 Common Shares Contributed Surplus - Reacquisition of Common Shares 29,000 Retained Earnings Cash 228000 (To record reacquisition of common shares.) Preferred Shares July 25 23100 Contributed Surplus - Reacquisition of Common Shares Cash (To record reacquisition of preferred shares.) Sept. 16 Common Shares Retained Earnings Cash (To record reacquisition of common shares.) Stock Dividends Oct. 27 Dec. 13 Stock Dividends Distributable (To record declaration of stock dividend.) Stock Dividends Distributable Common Shares (To record distribution of stock dividend.)