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I need help recording journal entries And prepare the stockholder's equity section of pharaoh corporation balances sheet as of Decmber,2020 On January 5, 2020, Pharoah
I need help recording journal entries And prepare the stockholder's equity section ofpharaoh corporation balances sheet as of Decmber,2020
On January 5, 2020, Pharoah Corporation received a charter granting the right to issue 5,400 shares of $100 par value, 8% cumulativ and nonparticipating preferred stock, and 45.600 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 21,400 shares of common stock at $15 per share. Feb. 1 Issued to Sanchez Corp. 4,100 shares of preferred stock for the following assets: equipment with a fair value of $54,400; a factory building with a fair value of $155,000; and land with an appraised value of $249,000. July 29 Purchased 1,800 shares of common stock at $15 per share. (Use cost method.) Aug 10 Sold the 1.800 treasury shares at $12 per share. Dec.31 Declared a $0.25 per share cash dividend on the common stock and declared the preferred dividend. Dec.31 Closed the income Summary account. There was a $168,000 net income Step by Step Solution
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