Do not give answer in image Pharoah Company reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet.Preferred stock, 11%, $100 par (10,000 shares authorized, 2,100 shares issued)Common stock, $5 par (91,000 shares authorized, 18,200 shares issued)Additional paid-in capitalRetained earningsTotal1.2.3.4.During 2020, Pharoah took part in the following transactions concerning stockholders' equity.5.6.$210,0007.91,000130,000448,000$879,000Paid the annual 2019 $11 per share dividend on preferred stock and a $2 per share dividend on common stock. Thesedividends had been declared on December 31, 2019.Purchased 1,800 shares of its own outstanding common stock for $43 per share. Pharoah uses the cost method.Reissued 800 treasury shares for land valued at $35,100.Issued 540 shares of preferred stock at $107 per share.Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $46 per share.Issued the stock dividend.Declared the annual 2020 $11 per share dividend on preferred stock and the $2 per share dividend on common stock. Thesedividends are payable in 2021. Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented whenamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O forthe amounts.)No. Account Titles and Explanation1.2.3.4.←►◄►◄►DebitCredit

The journal entries are prepared to keep the record of day to day transactions of the business.…

Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented wher amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O the amounts.) No. Account Titles and Explanation 1. 2. 3. + + + + + Debit Credit

Prepare journal entries to record the transactions described above. (Credit account titles are automatically indented wher amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O the amounts.) No. Account Titles and Explanation 1. 2. 3. + + + + + Debit Credit

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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