PharoahCorporation has the following capital structure at the beginning of the year:

4% Preferred stock, $50 par value, 20,000 shares authorized,6,000shares issued and outstanding$300,000Common stock, $10 par value, 60,000 shares authorized,40,000shares issued and outstanding400,000Paid-in capital in excess of par112,000Total paid-in capital812,000Retained earnings430,000Total stockholders' equity$1,242,000

(a)

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Record the following transactions which occurred consecutively.(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 0 for the amounts.)

1.A total cash dividend of $90,000was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.2.A 15% common stock dividend was declared. The average fair value of the common stock is $22a share.3.Assume that net income for the year was $147,000(record the closing entry) and the board of directors appropriated $69,000of retained earnings for plant expansion.

No.

Account Titles and Explanation

Debit

Credit

1.

Buildings

Equipment

Property Dividends Payable

Dividends Payable - Common

Discount on Bonds Payable

Paid-in Capital from Treasury Stock

Paid-in Capital in Excess of Par - Preferred Stock

Paid-in Capital in Excess of Stated Value - Common Stock

Share Capital-Preference

Dividends Payable - Preferred

Share Premium-Conversion Equity

Cash

Organization Expense

Legal Fees Expense

Retained Earnings

Unrealized Holding Gain or Loss - Income

Share Premium-Ordinary

Income Summary

Retained Earnings Appropriated for Plant Expansion

Preferred Stock

Land

Unamortized Bond Issue Costs

Paid-in Capital in Excess of Par - Common Stock

Share Capital-Ordinary

Debt Investments

No Entry

Equity Investments

Common Stock Dividend Distributable

Common Stock

Treasury Stock

Bonds Payable

Dividends Payable - Preferred

Unamortized Bond Issue Costs

Income Summary

Share Premium-Ordinary

Dividends Payable - Common

Common Stock Dividend Distributable

Unrealized Holding Gain or Loss - Income

Paid-in Capital in Excess of Par - Preferred Stock

Share Premium-Conversion Equity

Debt Investments

Retained Earnings

Property Dividends Payable

Bonds Payable

Buildings

Equipment

No Entry

Treasury Stock

Equity Investments

Organization Expense

Cash

Paid-in Capital in Excess of Par - Common Stock

Paid-in Capital in Excess of Stated Value - Common Stock

Common Stock

Share Capital-Preference

Share Capital-Ordinary

Legal Fees Expense

Discount on Bonds Payable

Land

Preferred Stock

Retained Earnings Appropriated for Plant Expansion

Paid-in Capital from Treasury Stock

Legal Fees Expense

Bonds Payable

Equipment

Common Stock Dividend Distributable

Paid-in Capital in Excess of Par - Preferred Stock

Paid-in Capital in Excess of Par - Common Stock

Unrealized Holding Gain or Loss - Income

Income Summary

Equity Investments

Discount on Bonds Payable

Unamortized Bond Issue Costs

Common Stock

Retained Earnings Appropriated for Plant Expansion

Share Capital-Ordinary

Cash

Buildings

Paid-in Capital from Treasury Stock

Preferred Stock

Property Dividends Payable

Share Premium-Ordinary

Organization Expense

Land

Debt Investments

No Entry

Share Premium-Conversion Equity

Treasury Stock

Paid-in Capital in Excess of Stated Value - Common Stock

Retained Earnings

Dividends Payable - Preferred

Dividends Payable - Common

Share Capital-Preference

2.

Land

Share Capital-Ordinary

Paid-in Capital in Excess of Par - Common Stock

Organization Expense

Share Premium-Ordinary

Equity Investments

Retained Earnings Appropriated for Plant Expansion

Legal Fees Expense

Unrealized Holding Gain or Loss - Income

Debt Investments

Common Stock

Common Stock Dividend Distributable

Dividends Payable - Common

Equipment

Property Dividends Payable

Share Premium-Conversion Equity

Cash

Preferred Stock

Bonds Payable

Treasury Stock

Share Capital-Preference

Dividends Payable - Preferred

No Entry

Unamortized Bond Issue Costs

Paid-in Capital in Excess of Stated Value - Common Stock

Income Summary

Buildings

Retained Earnings

Discount on Bonds Payable

Paid-in Capital in Excess of Par - Preferred Stock

Paid-in Capital from Treasury Stock

Equity Investments

Retained Earnings Appropriated for Plant Expansion

No Entry

Preferred Stock

Paid-in Capital from Treasury Stock

Common Stock

Legal Fees Expense

Retained Earnings

Share Premium-Conversion Equity

Land

Share Premium-Ordinary

Dividends Payable - Common

Paid-in Capital in Excess of Par - Common Stock

Share Capital-Ordinary

Organization Expense

Discount on Bonds Payable

Equipment

Unamortized Bond Issue Costs

Share Capital-Preference

Unrealized Holding Gain or Loss - Income

Paid-in Capital in Excess of Par - Preferred Stock

Cash

Common Stock Dividend Distributable

Dividends Payable - Preferred

Income Summary

Property Dividends Payable

Buildings

Paid-in Capital in Excess of Stated Value - Common Stock

Debt Investments

Bonds Payable

Treasury Stock

Discount on Bonds Payable

Bonds Payable

Common Stock Dividend Distributable

Paid-in Capital in Excess of Par - Preferred Stock

Dividends Payable - Common

Share Premium-Conversion Equity

Buildings

Property Dividends Payable

Treasury Stock

Organization Expense

Retained Earnings Appropriated for Plant Expansion

Share Premium-Ordinary

Equipment

Legal Fees Expense

Unamortized Bond Issue Costs

Land

Paid-in Capital from Treasury Stock

Retained Earnings

Equity Investments

Dividends Payable - Preferred

Paid-in Capital in Excess of Stated Value - Common Stock

Debt Investments

Income Summary

Share Capital-Preference

Preferred Stock

Unrealized Holding Gain or Loss - Income

No Entry

Cash

Common Stock

Paid-in Capital in Excess of Par - Common Stock

Share Capital-Ordinary

3.

Dividends Payable - Common

Equity Investments

Property Dividends Payable

Retained Earnings Appropriated for Plant Expansion

Share Premium-Conversion Equity

Debt Investments

Bonds Payable

Unamortized Bond Issue Costs

Paid-in Capital in Excess of Par - Preferred Stock

Buildings

Discount on Bonds Payable

Share Capital-Ordinary

Share Premium-Ordinary

Land

Unrealized Holding Gain or Loss - Income

Paid-in Capital in Excess of Par - Common Stock

Cash

Organization Expense

No Entry

Common Stock

Preferred Stock

Equipment

Retained Earnings

Income Summary

Treasury Stock

Dividends Payable - Preferred

Paid-in Capital from Treasury Stock

Common Stock Dividend Distributable

Paid-in Capital in Excess of Stated Value - Common Stock

Legal Fees Expense

Share Capital-Preference

Dividends Payable - Preferred

Debt Investments

Paid-in Capital in Excess of Stated Value - Common Stock

Dividends Payable - Common

Unamortized Bond Issue Costs

Share Capital-Preference

Preferred Stock

Land

Property Dividends Payable

Retained Earnings

Cash

Unrealized Holding Gain or Loss - Income

Equity Investments

No Entry

Retained Earnings Appropriated for Plant Expansion

Income Summary

Discount on Bonds Payable

Organization Expense

Paid-in Capital in Excess of Par - Common Stock

Legal Fees Expense

Bonds Payable

Paid-in Capital in Excess of Par - Preferred Stock

Equipment

Share Premium-Conversion Equity

Share Capital-Ordinary

Paid-in Capital from Treasury Stock

Buildings

Treasury Stock

Common Stock Dividend Distributable

Common Stock

Share Premium-Ordinary

(To record the closing entries.)

Bonds Payable

Share Capital-Preference

Organization Expense

Retained Earnings

Dividends Payable - Preferred

Share Premium-Conversion Equity

Land

Paid-in Capital in Excess of Stated Value - Common Stock

Paid-in Capital from Treasury Stock

Income Summary

Share Capital-Ordinary

Legal Fees Expense

Paid-in Capital in Excess of Par - Preferred Stock

Retained Earnings Appropriated for Plant Expansion

Cash

No Entry

Treasury Stock

Common Stock Dividend Distributable

Unamortized Bond Issue Costs

Share Premium-Ordinary

Paid-in Capital in Excess of Par - Common Stock

Discount on Bonds Payable

Unrealized Holding Gain or Loss - Income

Dividends Payable - Common

Equity Investments

Common Stock

Buildings

Equipment

Preferred Stock

Debt Investments

Property Dividends Payable

Retained Earnings

Equity Investments

Share Capital-Preference

Share Premium-Ordinary

Paid-in Capital in Excess of Stated Value - Common Stock

Cash

Retained Earnings Appropriated for Plant Expansion

Dividends Payable - Common

Common Stock

No Entry

Bonds Payable

Equipment

Dividends Payable - Preferred

Paid-in Capital in Excess of Par - Preferred Stock

Organization Expense

Buildings

Paid-in Capital in Excess of Par - Common Stock

Unamortized Bond Issue Costs

Share Capital-Ordinary

Unrealized Holding Gain or Loss - Income

Discount on Bonds Payable

Property Dividends Payable

Income Summary

Debt Investments

Common Stock Dividend Distributable

Paid-in Capital from Treasury Stock

Land

Legal Fees Expense

Preferred Stock

Treasury Stock

Share Premium-Conversion Equity

(To record appropriated retained earnings.)

Attempts: 1 of 1 used

(b)

Construct the stockholders' equity section incorporating all the above information.

PHAROAHCORPORATION

Balance Sheet (Partial)