The stockholders' equity accounts of Pharoah Corporation on January 1,2025 , were as follows. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Mar. 1 Issued 6,000 shares of common stock for $90 per share. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity Mar. 1 Issued 6,000 shares of common stock for $90 per share. June 22 Purchased 2,000 additional shares of common treasury stock at $11 per share. Sept. 1 Declared an 8% cash dividend on preferred stock, payable October 1. Oct. 1 Paid the dividend declared on September 1. Dec. 1 Declared a \$0.70 per share cash dividend to common stockholders of record on December 15, payable December 31. 31 Determined that net income for the year was $130,000. Paid the dividend declared on December 1. Journalize the transactions for the dates shown. Include entries to close net income and dividends to Retained Earnings, (Record joumal entries in the order presented in the problem. Credit account titles are outomatically indented when amour tis entered. Do not indent manually. Journalize the transactions for the dates shown. Include entries to close net incorne and dividends to Retained Earnings: \{Record journal entries in the order presented in the problem. Credit occount titles are outomatically indented when amount is entered. Do not indent manuably. If no entry is required, select "No Entry" for the account titles and enter of for the amounts. Wst all debit entries before credit entries) Dividends Payable 36000 Dividends Payable 36000 Cash Dec: 1 Cash Dividends Dividends Payable Dec 31 Income Summary. 123000 Retained Earnings (To close net income) \begin{tabular}{|l|} \hline Dec 316 Retained Earnings \\ Cash Dividends \\ \hline \end{tabular} (To close dividends) Dec31 Dividends Payable