On December 31, 2016, Pharoah Company had 1,340,000 shares of $7par common stock issued...

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Accounting

On December 31, 2016, Pharoah Company had 1,340,000 shares of $7par common stock issued and outstanding. At December 31, 2016,stockholders’ equity had the amounts listed here.
Common Stock $9,380,000
Additional Paid-in Capital 1,745,000
Retained Earnings 1,105,000

Transactions during 2017 and other information related tostockholders’ equity accounts were as follows.
1. On January 10, 2017, issued at $114 per share 124,000 shares of$104 par value, 9% cumulative preferred stock.
2. On February 8, 2017, reacquired 17,900 shares of its commonstock for $10 per share.
3. On May 9, 2017, declared the yearly cash dividend on preferredstock, payable June 10, 2017, to stockholders of record on May 31,2017.
4. On June 8, 2017, declared a cash dividend of $1.65 per share onthe common stock outstanding, payable on July 10, 2017, tostockholders of record on July 1, 2017.
5. Net income for the year was $3,516,000.

Prepare the stockholders’ equity section of Pharoah balance sheetat December 31, 2017.

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PHAROAH COMPANY Partial Balance Sheet December 31 2017 Shareholders equity Paid in Capital Capital stock Preferred Stock 124000 shares x 104 12896000 Common stock 9380000 Total capital stock 22276000 Additional paidin capital Paidin capital in excess of par value See Answer

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In: AccountingOn December 31, 2016, Pharoah Company had 1,340,000 shares of $7par common stock issued and...On December 31, 2016, Pharoah Company had 1,340,000 shares of $7par common stock issued and outstanding. At December 31, 2016,stockholders’ equity had the amounts listed here.Common Stock$9,380,000Additional Paid-in Capital1,745,000Retained Earnings1,105,000Transactions during 2017 and other information related tostockholders’ equity accounts were as follows.1.On January 10, 2017, issued at $114 per share 124,000 shares of$104 par value, 9% cumulative preferred stock.2.On February 8, 2017, reacquired 17,900 shares of its commonstock for $10 per share.3.On May 9, 2017, declared the yearly cash dividend on preferredstock, payable June 10, 2017, to stockholders of record on May 31,2017.4.On June 8, 2017, declared a cash dividend of $1.65 per share onthe common stock outstanding, payable on July 10, 2017, tostockholders of record on July 1, 2017.5.Net income for the year was $3,516,000.Prepare the stockholders’ equity section of Pharoah balance sheetat December 31, 2017.

Common Stock		$9,380,000
Additional Paid-in Capital		1,745,000
Retained Earnings		1,105,000

1.		On January 10, 2017, issued at $114 per share 124,000 shares of$104 par value, 9% cumulative preferred stock.
2.		On February 8, 2017, reacquired 17,900 shares of its commonstock for $10 per share.
3.		On May 9, 2017, declared the yearly cash dividend on preferredstock, payable June 10, 2017, to stockholders of record on May 31,2017.
4.		On June 8, 2017, declared a cash dividend of $1.65 per share onthe common stock outstanding, payable on July 10, 2017, tostockholders of record on July 1, 2017.
5.		Net income for the year was $3,516,000.