View Policies Current Attempt in Progress On January 1, 2020, Pharoah Inc. had the following stockholders' equity balances. Common Stock (480,000 shares issued) $960,000 Paid-in Capital in Excess of Par-Common Stock 560,000 Common Stock Dividends Distributable 140,000 Retained Earnings 520,000 During 2020, the following transactions and events occurred. 1. Issued 70,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2. Issued 35,000 shares of common stock for cash at $4 per share. 3. Purchased 21,000 shares of common stock for the treasury at $5 per share. 4. Declared and paid a cash dividend of $111,000. 5. Sold 8,000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $370,000. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pharoah Inc. Stockholders' Equity Statement Paid-in Capital in Excess of Common Stock Par- Common Stock Balances, $ Jan. 1 Issued 70,000 share for stock dividend Issued 35,000 shares for cash Purchased 21,000 shares of treasury stock Declared cash dividend Sold 8,000 shares of treasury stock Net income for year Balances, Dec. 31 $ eTextbook and Media Save for Later $ Common Stock Dividends Distributable $ $ Treasury Stock $ Attempts: 0 of 3 used Submit Answer