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Pharoah Company has the following stockholders' equity accounts at December 31, 2025: Common Stock ($60 par value, authorized 27,000 shares) Retained Earnings (a) (1) $891,000 Prepare entries in journal form to record the following transactions, which took place during 2026. Transactions occured in the order presented. (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.) (2) (3) (4) (5) (6) 553,000 420 shares of outstanding stock were purchased at $73 per share. (These are to be accounted for using the stock method.) A $4 per share cash dividend was declared. The dividend declared in (2) above was paid. The treasury shares purchased in (1) above were resold at $76 per share. 340 shares of outstanding stock were purchased at $78 per share. (Use the cost method.) 250 of the shares purchased in (5) above were resold at $71 per share.

Pharoah Company has the following stockholders' equity accounts at December 31, 2025: Common Stock ($60 par value, authorized 27,000 shares) Retained Earnings (a) (1) $891,000 Prepare entries in journal form to record the following transactions, which took place during 2026. Transactions occured in the order presented. (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.) (2) (3) (4) (5) (6) 553,000 420 shares of outstanding stock were purchased at $73 per share. (These are to be accounted for using the stock method.) A $4 per share cash dividend was declared. The dividend declared in (2) above was paid. The treasury shares purchased in (1) above were resold at $76 per share. 340 shares of outstanding stock were purchased at $78 per share. (Use the cost method.) 250 of the shares purchased in (5) above were resold at $71 per share.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pharoah Company has the following stockholders' equity accounts at December 31, 2025: Common Stock ($60 par value, authorized 27,000 shares) Retained Earnings (a) (1) $891,000 Prepare entries in journal form to record the following transactions, which took place during 2026. Transactions occured in the order presented. (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.) (2) (3) (4) (5) (6) 553,000 420 shares of outstanding stock were purchased at $73 per share. (These are to be accounted for using the stock method.) A $4 per share cash dividend was declared. The dividend declared in (2) above was paid. The treasury shares purchased in (1) above were resold at $76 per share. 340 shares of outstanding stock were purchased at $78 per share. (Use the cost method.) 250 of the shares purchased in (5) above were resold at $71 per share.
Transcribed Image Text:Pharoah Company has the following stockholders' equity accounts at December 31, 2025: Common Stock ($60 par value, authorized 27,000 shares) Retained Earnings (a) (1) $891,000 Prepare entries in journal form to record the following transactions, which took place during 2026. Transactions occured in the order presented. (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.) (2) (3) (4) (5) (6) 553,000 420 shares of outstanding stock were purchased at $73 per share. (These are to be accounted for using the stock method.) A $4 per share cash dividend was declared. The dividend declared in (2) above was paid. The treasury shares purchased in (1) above were resold at $76 per share. 340 shares of outstanding stock were purchased at $78 per share. (Use the cost method.) 250 of the shares purchased in (5) above were resold at $71 per share.
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