On January 1, 2022, Pharoah Corporation had the following stockholders' equity accounts. During the year, the following transactions occurred. Feb. 1 Declared a \$1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. July 1 Declared a 10% stock dividend to stockholders of record on July 15 , distributable July 31 . On July 1 , the market price of the stock was $14 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5,2023. 31 Determined that net income for the year was $319,500. Date Account Titles and Explanation Debit Credit (To close net income) (To close stock dividends) (To close cash dividends) Common Stock \begin{tabular}{l} Common Stock Dividends Distributable \\ Date Explanation Ref \\ \hline \\ \hline \end{tabular} \begin{tabular}{|llllll|} \hline Date & Explanation & Ref & Debit & Credit & Balance \\ \hline & Balance & & & & \\ \hline \end{tabular} Net income Stock dividend Cash dividend Cash Dividends Stock Dividends \begin{tabular}{|llllll} \hline Date Explanation & Ref & Debit & Credit & Balance \\ \hline & & & \end{tabular} PHAROAH CORPORATION Balance Sheet (Partial) $