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Pharoah Company has two classes of capital stock outstanding: 9%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts
Pharoah Company has two classes of capital stock outstanding: 9%, $20 par preferred and $5 par common. At December 31, 2020, the following accounts were included in stockholders' equity. Preferred Stock, 143,500 shares $2,870,000 Common Stock, 1,964,000 shares 9,820,000 Paid-in Capital in Excess of Par-Preferred Stock 190,000 Paid-in Capital in Excess of Par-Common Stock 26,634,000 Retained Earnings 4,464,000 The following transactions affected stockholders equity during 2021. Jan 1 Feb. 1 June 1 28,600 shares of preferred stock issued at $23 per share. 52,800 shares of common stock issued at $19 per share. 2-for-1 stock split (par value reduced to $2.50). July 1 29.100 shares of common treasury stock purchased at $10 per share. Pharoah uses the cost method.
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