Current Attempt in Progress

Your answer is partially correct.

The stockholders' equity accounts of Pharoah Corporation on January $1,2025,$ were as follows.

During $2025,$ the corporation had the following transactions and events pertaining to its stockholders' equity.

Mar. $1$ Issued $6,000$ shares of common stock for $$90$ per share.

June $22$ Purchased $2,000$ additional shares of common treasury stock at $$11$ per share.

Sept. $1$ Declared an $8\%$ cash dividend on preferred stock, payable October $1.$

Oct. $1$ Paid the dividend declared on September $1.$

Dec. $1$ Declared a $$0\mathrm{.}70$ per share cash dividend to common stockhoiders of record on December $15,$ payable December $31$

$31$ Determined that net income for the year was $$130,000.$ Paid the dividend declared on December $1.$

Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings. $($Record journal

entries in the order presented in the problem. 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 O for the amounts. List all debit entries before credit entries.$)$