Problem 14-01A -c (Part Level Submission) (Video) On January 1, 2020, Pharoah Corporation had the following stockholders' equity accounts Common Stock ($26 par value, 62,000 shares issued and outstanding) $1,612,000 Pald-in Capital in Excess of Par-Common Stock 203,000 Retained Earnings 569,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, avane March 1 Mar. 1 Paid the dividend declared in February Apr. 1 Announced a 2-for-1 stock split. Prior to the split the market price per share was $39. July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On Julythe market price of the stock was $14 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.60 per share dividend to stockholders of record on December 15 payabianuary 2021 31 Determined that net income for the year was $327,000, Your answer is correct. Joumalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Feb. 1 Account Tities and Explanation Cash Dividends 124000 124000 Mar. 1 T Dividends Payable Dividends Payable 1 Cash No Entry Ines Agri D Apr.1 No Entry No Entry stock Dividends 1 July 1 260400 Common Stock Dividends Distributable I 241800 18600 July 31 241800 Pald-in Capital in Excess of Par-Common Stock (common Stock Dividends Distributable 1 Common Stock Cash Dividends 241800 Dec. 1 85560 85560 Dec. 31 1 Dividends Payable Income Summary 327000|| 27000 Retained Earnings (To close net income) Dec. 31 JRetained Earnings 29 2604001 260400 2095601 I Stock Dividends (To close stock dividends) Dec. 310Retained Earnings | Cash Dividends (To close cash dividends) 209560 (b) Your answer is correct. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (P previous part.) Common Stock Date Explanation Ref Jan. 1 Balance Debit Credit Balance O C 1,612,000 July 31 : 241800|| 1,853,800 Common Stock Dividends Distributable Date Explanation Ref Debit July 1 Credit 241,800 Balance 241,800 July 31 241,800 T IT Pald-in Capital In Excess of Par-Common Stock Date Explanation Ref Debit Jan. 1 Balance Credit Balance 203000 Duly 19 IT 18600 | 221600 Retained Earnings Date Explanation Ref T Jan. 1 Balance Credit Debit I Dec 31 Net income 327000 Balance 569000 896000 635600 4 26040) Dec. 31 Stock dividend Dec. 31 Cash dividend T 209560 Dec. 31. Cach didend 209560 426040 Cash Dividends Date Explanation Ref Feb. 1 Balance Debit 124000 85560 Credit L TDec. 19 124000 09560 2 Dec. 310 209560 Credit Stock Dividends Date Explanation Ref Debit July 1 1 260400 EL Dec. 31 EN Balance 260400 260400 Click If you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive Information.) PHAROAH CORPORATION Balance Sheet (Partial) Prepare a stockholders' equity section at December 31. (Ente! me only and PHAROAH CORPORATION Balance Sheet (Partial) Click If you would like to show Work for this question: Doen Sho SHOW LIST OF ACCOUNTS VIDEO SIMILAR PROBLEM LINK TO TEXT LINK TO TEXT
