Transactions of Pharoah Corporation are as follows:

The company is granted a charter that authorizes the issuance of $150,000$ preferred shares and an unlimited number of

common shares.

The founders of the corporation are issued $9,000$ common shares for land valued by the board of directors at $$234,000$

$($based on an independent valuation$).$

Sold $16,000$ preferred shares for cash at $$100$ per share.

Repurchased and cancelled $3,200$ outstanding preferred shares for cash at $$90$ per share.

Paid $$83,000$ in dividends that were declared in the previous period.

Repurchased for cash and cancelled $400$ of the outstanding common shares issued in item $2$ above at $$49$ per share.

Issued $2,700$ preferred shares at $$99$ per share.