Cash PHAROAH CORPORATION Balance Sheet December 31, 2021 $23,400 Accounts payable 42,900 Common stock ($10 par) (1.400) Retained earnings $23,000 88,000 Accounts receivable Allowance for doubtful accounts 119,700 4,200 Supplies Land 39.400 144,500 Buildings Accumulated depreciation-buildings (22.300) $230,700 $230,700 During 2022, the following transactions occurred. 1. 2. 3. 4. 5. . . . 6. On January 1, 2022, Pharoah issued 1,300 shares of $40 par, 7% preferred stock for $53,300. On January 1, 2022, Pharoah also issued 1,000 shares of the $10 par value common stock for $22.900. Pharoah performed services for $303,000 on account. On April 1, 2022, Pharoah collected fees of $33,200 in advance for services to be performed from April 1, 2022, 31, 2023. Pharoah collected $287,000 from customers on account. Pharoah bought $34,000 of supplies on account. Pharoah paid $31,500 on accounts payable. Pharoah reacquired 500 shares of its common stock on June 1, 2022 for $27 per share. Paid other operating expenses of $185,500. On December 31, 2022, Pharoah declared the annual preferred stock dividend and a $1.20 per share dividend on outstanding common stock, all payable on January 15, 2023. An account receivable of $1,800 which originated in 2021 is written off as uncollectible. 7. 8. 9. 10. 11. Adana A count of soil in cate that $5.900 of 10 minute atyrend. 2 Recorder from above 2 The allowance ferdest assunto habanes 53,400 stycarens. Degreciation is recorded on the budgeneratin babandona care and a sivage value of $20.700 The Income tax rate 20.Hint Prepare the namestatement income for some back and multiply by 205 computs them) (21) Prepare journal entre for the translated above. Credit account til retometically indented when countered. De netindent manually. If no entry required, elect"No Entry for the counter and enter for the amount. Record journal entren the ander presented in the problem Ne. Account Titles and Explanation Dit Credit 1. 2 1 3. 5. 2. 10. 11