Question 7 of 8 > View Policies -/20 Current Attempt in Progress Pharoah Corp. reported the following amounts in the shareholders' equity section of its December 31, 2023, balance sheet Preferred shares, $8 dividend (10,000 shares authorized. 2.000 shares issued) $210,000 Common shares (unlimited authorized, 27,000 issued) 621,000 Contributed surplus 60,000 255.000 Retained earnings Accumulated other comprehensive income Total 79,000 $1,225,000 The contributed surplus arose from net excess of average cost per share over reacquisition cost on a previous repurchase and cancellation of common shares During 2024, the company had the following transactions that affect shareholders' equity. Prepare the journal entries for the following transactions: (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 O for the amounts. List all debit entries before credit entries) a. Paid the annual 2023 $8 per share dividend on preferred shares and a 54 per share dividend on common shares. These dividends had been declared on December 31, 2023 b. Purchased 4,000 shares of its own outstanding common shares for $34 per share and cancelled them. C Issued 1.100 preferred shares at $110 per share (at the beginning of the year). Declared a 10% stock dividend on the outstanding common shares at their fair value when the shares were selling for $45 per d. share. Issued the stock dividend. Declared the annual 2024 $8 per share dividend on preferred shares and a $3 per share dividend on common shares. These dividends are payable in 2025.