Exercise 14-02 a-c (Part Level Submission) Pharoah Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,000 shares c $50 par value preferred stock and 103,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2019, $5,500; 2020, $13,700; and 2021, $28,500