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Pharoah Ltd. has a September 30 fiscal year end and a 15 income tax rate. The following information is available for its 2024 year end:
Pharoah Ltd. has a September 30 fiscal year end and a \15 income tax rate. The following information is available for its 2024 year end: 1. Earned \\( \\$ 448,600 \\) of service revenue and incurred \\( \\$ 374,800 \\) of operating expenses. Interest expense was \\( \\$ 2,120 \\). 2. On October 5,2023 , paid \\( \\$ 42,400 \\) of dividends that had been declared on September \\( 25,2023 \\). 3. On September 28,2024 , declared \\( \\$ 33,920 \\) of dividends payable on October \\( 8,2024 \\). 4. Retained earnings on September 30, 2023, were \\( \\$ 201,400 \\). 5. Issued common shares for \\( \\$ 21,200 \\) cash on July 2,2024 . Prepare an income statement. Journalize the adjustment for income tax assuming no income tax instalments were made during the year. (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 0 for the amounts. List debit entry before credit entry.) Question Part Score Prepare a statement of retained earnings. (List items that increase retained earnings first.)
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