Question: Can you please answer all question based on wiley's form. Pharoah Company reported the following amounts in the stockholders' equity section of its December 31,





Pharoah Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet. $ 2,200,000 323,000 Preferred stock, 13%, $ 100 par (100,000 shares authorized, 22,000 shares issued) Common stock, $ 1 par (1,000,000 shares authorized, 323,000 shares issued) Additional paid-in capital-common Retained earnings Total 954,000 1.275,000 $ 4752,000 During 2020, Pharoah took part in the following transactions concerning stockholders' equity. 1. 2. Paid the annual 2019 dividend on preferred stock and a $ 0.50 per share dividend on common stock. These dividends had been declared on December 31, 2019. Purchased 1,100 shares of its own outstanding common stock for $ 9 per share. Pharoah uses the cost method. Reissued 1,100 treasury shares for land with an appraised value of $ 8,600. Pharoah's common shares were trading for $ 9.50 per share. 3. 4. 5. issued 45,000 shares of common stock at $10 per share. Declared and recorded a 2:1 stock split on the outstanding common stock when the stock is selling for $ 11 per share. Declared the annual 2020 dividend on preferred stock and the $0.50 per share dividend on common stock. These dividends are payable in 2021 6. Prepare journal entries to record the transactions described above. Assume transactions occurred in the order presented. (Credit account titles 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 for the amounts.) No. Account Titles and Explanation Debit Credit 1. Dividends Payable - Preferred Dividends Payable. Common Cash 2. 2 Treasury Stock Cash 3. Land > Treasury Stock > Paid-in Capital from Treasury Stock 4. Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock 5. Retained Earnings 5. Retained Earnings Common Stock Dividend Distributable Common Stock Prepare the December 31, 2020, stockholders' equity section. Assume 2020 net income was $ 629,000. (Enter account name only .Do not provide any descriptive information.) PHAROAH COMPANY Stockholders' Equity $ e Textbook and Media
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