Problem 11-7A (Part Level Submission) On January 1, 2019, Pharoah Company had the following stockholders' equity accounts. Common Stock ($12 par value, 83,700 shares issued and outstanding) $1,004,400 Paid-in Capital in Excess of Par Value-Common Stock 184,000 Retained Earnings 533,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.00 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. May 15 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) Dec. 1 Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2020. Dec. 31 Determined that net income for the year was $220,000. (a) Your answer is partially correct. Try again. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. 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.) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) the order of journal entries presented in the previous question.) Common Stock Date Explanation Ref. Debit Credit Balance Balance Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance Pald-in Capital in Excess of Par ValueCommon Stock Date Explanation Ref. Debit Credit Balance Belance Balance Retained Earnings Date Explanation Ref. Debit Credit Balance Balance Cash dividends Stock dividends Net income Cash Dividends Date Explanation Ref. Debit Credit Balance Stock Dividends Date Explanation Ref. Debit Credit Balance Prepare a stockholders' equity section at December 31, 2019. (Enter the account question.) Novak Corp. Balance Sheet (Partial) Show transcribed image text