PharoahCompany reported the following amounts in the stockholders' equity section of its December 31, 2019, balance sheet.

Preferred stock,9%, $100par (10,000 shares authorized,1,900shares issued)$190,000Common stock, $5par (108,500shares authorized,21,700shares issued)108,500Additional paid-in capital116,000Retained earnings424,000Total$838,500

During 2020,Pharoahtook part in the following transactions concerning stockholders' equity.

1.Paid the annual 2019 $9per share dividend on preferred stock and a $2per share dividend on common stock. These dividends had been declared on December 31, 2019.2.Purchased1,600shares of its own outstanding common stock for $39per share.Pharoahuses the cost method.3.Reissued800treasury shares for land valued at $31,600.4.Issued460shares of preferred stock at $103per share.5.Declared a10% stock dividend on the outstanding common stock when the stock is selling for $42per share.6.Issued the stock dividend.7.Declared the annual 2020 $9per share dividend on preferred stock and the $2per share dividend on common stock. These dividends are payable in 2021.

Pharoah Company reported the fol lowing amounts in the stockholders' equity section of its December 31,2019, balance sheet. Preferred stock, 9%, $100 par (10,000 shares authorized, 1,900 shares issued) $190,000 Common stock, $5 par (108,500 shares authorized, 21,700 shares issued) 108,500 Additional paid-in capital 116,000 Retained earnings 424,000 Total $838,500 During 2020, Pharoah took part in the following transactions concerning stockholders' equity. Paid the annual 2019 $9 per share dividend on preferred stock and a $2 per share dividend on common stock These dividends had been declared on December 31, 2019. Purchased 1,600 shares of its own outstanding common stock for $39 per share. Pharoah uses the cost method. Reissued 800 treasury shares for land valued at $31,600. Issued 460 shares of preferred stock at $103 per share. Declared a 10% stock dividend on the outstanding common stock when the stock is selling for $42 per share. Issued the stock dividend. Declared the annual 2020 $9 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2021. NP'F'PP'NP the amounts.) 1. No. Account Titles and Explanation Prepare journal entries to record the transactions described above. (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 O for Debit Credit 2. 3. 4. 5. 6. 7.Prepare the December 31, 2020, stockholders' equity section. Assume 2020 net income was $316,000. (Enter account name only . Do not provide any descriptive information.) PHAROAH COMPANY Stockholders' Equity + to 0 $