Pharoah Ltd., which has a December 31 year end, had the following shareholders' equity account balances...
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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. (a) Provide the journal entry to record the share repurchase transaction. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit 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. (a) Provide the journal entry to record the share repurchase transaction. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
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