Question: Please complete all in the formats and fields provided. Thanks in advance. The following shareholders' equity accounts are reported by Pharoah Inc. on January 1:



The following shareholders' equity accounts are reported by Pharoah Inc. on January 1: $2,280,000 337,500 Common shares (unlimited authorized, 142,500 issued) Preferred shares ($4 cumulative, convertible 100,000 authorized, 4,500 issued) Contributed surplus-reacquisition of common shares Retained earnings 29,000 1,255,000 The following selected transactions occurred during the year: Feb. 11 Mar. 2 June 14 July 25 Issued 47,500 common shares at $20 per share. Reacquired 19,000 common shares at $22 per share. Split the common shares 2 for 1 when the common shares were trading at $30 per share, Reacquired 330 preferred shares at $70 per share. Reacquired 47.500 common shares for $17 pershare. 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 wa Sept. 16 Oct 27 Dec. 13 $21 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, es 5,276) Date Account Tities and Explanation Debit Credit (Issued common shares for cash) Mar. 2 (To record reacquisition of common shares) (To record reacquisition of preferred shares Sept. 16 (To record reacquisition of common shares.) V (To record declaration of stock dividend) (To record distribution of stock dividende) Show how each class of shares will be presented in the shareholders'equity section of the balance sheet at December 31. Pharoah Inc. Partial Balance Sheet Shareholders' equity $
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