Question 22 Pharoah Company started the year with total assets of $304000 and total abilities of $244000. During the year the business recorded $633000 in revenues, $326000 in expenses, and dividends of $62000. The net income reported by Pharoah Company for the year was O $577000 $307000 $187000 O $245000 Question 23 Sheffield Corporation began business in 2020 by Issuing 45000 shares of $5 par common stock for $6 per share and 4500 shares of 6%, $10 par preferred stock for par. At year end, the common stock had a market value of $10. On its December 31, 2020 balance sheet, Sheffield would report O Paid-in Capital of $297000. Common Stock of $225000. Common Stock of $450000. O Common Stock of $270000