Question: a. Provide the journal entry to record the share repurchase transaction. b. Provide the journal entry that would have been required if Pharoah had paid

Pharoah Ltd., which has a December 31 year end, had the following shareholders' equity account balances as at a. Provide the journal entry to record the share repurchase transaction.

b. Provide the journal entry that would have been required if Pharoah had paid $9.00 per share when the shares were repurchased.

Pharoah Ltd., which has a December 31 year end, had the following shareholders' equity account balances as at December 31, 2024: Common shares (1,018,000 shares issued and outstanding) Retained earnings $12,216,000 $5,228,000 On January 22, 2025, Pharoah Ltd. repurchased and cancelled 194,000 common shares, paying $16.00 per share.

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