Exercise 15-18 (Part Level Submission) Pharoah Company reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares issued) $200,000 Common stock, $5 par (107,000 shares authorized, 21,400 shares issued) 107,000 Additional paid-in capital 127,000 Retained earnings 491,000 Total $925,000 During 2017, Pharoah took part in the following transactions concerning stockholders equity. 1. Paid the annual 2016 $10 per share dividend on preferred stock and a $2 per share dividend on common stock. These dividends had been declared on December 31, 2016. 2. Purchased 1,800 shares of its own outstanding common stock for $41 per share. Pharoah uses the cost method. 3. Reissued 800 treasury shares for land valued at $33,700. 4. Issued 520 shares of preferred stock at $105 per share. 5. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $44 per share. 6. Issued the stock dividend. 7. Declared the annual 2017 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2018. (a) Your answer is partially correct. Try again. Prepare journal entries to record the transactions described above. (b) The parts of this question must be completed in order. This part will be available when you complete the part above.