FILL IN PART B

Pharoah Company had the following stockholders' equity accounts on January 1, 2022: Common Stock ($4 par) $400,000, Paid-in Capital in Excess of ParCommon Stock $185,000, and Retained Earnings $120,000. In 2022, the company had the following treasury stock transactions. Mar. 1 Purchased 6,000 shares at $9 per share. June 1 Sold 1,500 shares at $13 per share. Sept. 1 Sold 1,000 shares at $11 per share. Dec. 1 Sold 1,000 shares at $7 per share. Pharoah Company uses the cost method of accounting for treasury stock. In 2022, the company reported net income of $35,000. Date Account Titles and Explanation Debit Credit Mar. 1 Treasury Stock 54000 Cash 54000 une 1 Cash 19500 Treasury Stock 13500 Paid-in Capital from Treasury Stock 6000 sept. 1 Cash 11000 Treasury Stock 9000 Paid-in Capital from Treasury Stock 2000 Cash 7000 Paid-in Capital from Treasury Stock 2000 Treasury Stock 9000 Dec. 31 V Income Summary 35000 Retained Earnings 35000(b) Open accounts for (1) Paid-in Capital from Treasury Stock, (2) Treasury Stock, and (3) Retained Earnings. (Post to T-accounts.) (Post entries in the order of journal entries presented in the previous part.) Paid-in Capital from Treasury Stock M M Treasury Stock L L L UH Retained Earnings L L L L L L