market price of the stock was $14 per share

CES Problem 14-01A a-c (Video) On January 1, 2020, Pharoah Corporation had the following stockholders' equity accounts Common Stock ($20 par value, 57,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,140,000 194,000 593,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $319,500. udy. Your answer is partially correct. Try again. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indente manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal ent problem.) Date Account Titles and Explanation Debit Credit e to search Common Stock 114000 11 Toec. 1 cash Dividends T TTT 1 11 Dividends Payable 11 Dec. 31 Tincome Summary 11 11 11 1 Retained Earnings (To cose net income) I TRetained Earnings Stock Dividends T (To close stock dividends) Dec. 31. Retained Earnings 1 T Cash Dividends 319500 Date Account Titles and Explanation Debit Credit ZA TFeb. 1 cash Dividends 57000 1 1 Dividends Paya TOT 57000 1 1 Mar. 1 Dividends Payable 111 57000 1 1 IS 1 011 101 11. III 1 1 57000 1 1 1 1 1 1 1 1 011 1 II 1 1 1 1 1 1 1 1 Toll la 18 mm 1 1 1 1 1 1 6 111 TIL 1 1 1 1 1 1 1 IT Stock Dividends 159600 1596000 JT T. Common Stock Dividends Distributable JT 114000 T Paid-in Capital in Excess of Par-Common Stock 45600 Common Stock Dividends Distributable 114000 114000 Commen Stock e 95 W Common Stock Date Explanation Ref Debit Credit Balance X..XXX Jan. 1 Balance y T Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Credit Balance Balance Aranan her vedit Credit Balance Balance Net income Stock dividend Cash dividend L Cash Dividends Date Explanation Ref Debit Credit Balance * T i Stock Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance S SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT * Your answer is incorrect. Try again. Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide PHAROAH CORPORATION Balance Sheet (Partial) December 31, 2020 ............................ .. .... December 31, 2020 E / / / in e 1 INL Il Total Paid-in Capital Retained Earnings ............. Total Stockholders' Equity if you would like to show Work for thica