Pharoah Inc., which has a December 31 year end, had the following shareholders equity account balan Common shares (1,350,000 shares issued and outstanding) $27,000,000 Retained earnings $5,456,000 On February 18, 2025, Pharoah Inc. repurchased and cancelled 302,000 common shares, paying $22.2
Pharoah Inc., which has a December 31 year end, had the following shareholders equity account balan Common shares (1,350,000 shares issued and outstanding) $27,000,000 Retained earnings $5,456,000 On February 18, 2025, Pharoah Inc. repurchased and cancelled 302,000 common shares, paying $22.2
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 9P
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![Pharoah Inc., which has a December 31 year end, had the following shareholders' equity account balances as at December 31, 2024:
Common shares (1,350,000 shares issued and outstanding) $27,000,000
Retained earnings
$5,456,000
On February 18, 2025, Pharoah Inc. repurchased and cancelled 302,000 common shares, paying $22.20 per share.
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 0
for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
eTextbook and Media
List of Accounts
Save for Later
Debit
Credit
Attempts: 0 of 3 used Submit Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc9b85d9c-d60f-4f64-b785-3b42d9bd0efb%2Fbefcad5a-9ee0-46f6-84ce-1d903ff5bb4f%2Fyffv1hl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Pharoah Inc., which has a December 31 year end, had the following shareholders' equity account balances as at December 31, 2024:
Common shares (1,350,000 shares issued and outstanding) $27,000,000
Retained earnings
$5,456,000
On February 18, 2025, Pharoah Inc. repurchased and cancelled 302,000 common shares, paying $22.20 per share.
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 0
for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
eTextbook and Media
List of Accounts
Save for Later
Debit
Credit
Attempts: 0 of 3 used Submit Answer
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