Pharoah Ltd$.$ began operations on January $2,2024.$ During the year, the following transactions affected shareholders' equity:

Pharoah's articles of incorporation authorize the issuance of $2\mathrm{.}5$ million common shares and the issuance of $252,000$

preferred shares, the latter of which pay an annual dividend of $$3\mathrm{.}0$ per share.

A total of $302,000$ common shares were issued for $$6$ a share.

A total of $30,000$ preferred shares were issued for $$10$ per share.

The full annual dividend on the preferred shares was declared.

The dividend on the preferred shares was paid.

A dividend of $$0\mathrm{.}25$ per share was declared on the common shares but was not yet paid.

The company had net income of $$177,000$ for the year. $($Assume sales of $$503,000$ and total operating expenses of $$326,000.)$

The dividends on the common shares were paid.

The closing entry for the Dividends Declared account was prepared. Your answer is partially correct.

Prepare journal entries to record the above transactions, including the closing entries for net income and dividends declared.

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No

Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.$)$

No$.$ Account and Explanation

Retained Earnings

Dividends $-$ Preferred Shares

Dividends $-$ Preferred Shares

Cash

Retained Earnings

Dividends $-$ Common Shares

Dividends $-$ Common Shares

$($To close revenue account.$)$

Income Summary

$($To close expense account.$)$

Operating Expenses

$($To close net income.$)$

Income Summary

Retained Earnings

$9.$

Retained Earnings

Debit

Credit

$300,000$

$$

$90,000$

$$

$75,500$

$$

$177,000$

$$

$75,500$

$$

$$

$503,000$

$$

$326,000$

$$

$177,000$

$[],[165,500]$