On January 1, 2020, Pharoah Company had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. Paid the dividend declared in February. Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. July Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the 1 stock was $14 per share. 31 Issued the shares for the stock dividend. Dec. Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $359,000. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Feb. 1 4 Account Titles and Explanation Cash Dividends 58,500 Dividends Payable 58,500 Mar. 1 4 Dividends Payable 58,500 Cash 58,500 Apr. 1 No Entry No Entry July 14 Stock Dividends Paid-in Capital in Excess of Stated Value-Com Common Stock Dividends Distributable July 31 Common Stock Dividends Distributable Common Stock Dec. 1 Cash Dividends Dividends Payable Dec. 314 Income Summary Retained Earnings (To close net income) Retained Earnings Dec. 31 Stock Dividends (To close stock dividends) Retained Earnings Dec. 31 4 Cash Dividends (To close cash dividends) e Textbook and Media List of Accounts Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Use T-accounts.) (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance.) Common Stock Retained Earning Paid-in Capital in Excess of Par Value-Common Common Stock Dividends Distributable Cash Dividends Stock Dividends e Textbook and Media List of Accounts Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) Pharoah Company Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock Additional Paid-in Capital Paid-in Capital in Excess of Stated Value-Com Total Paid-in Capital Retained Earnings Total Stockholders' Equity e Textbook and Media List of Accounts