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Show Attempt History Current Attempt in Progress Pharoah Inc. presented the following data: Net...

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Accounting

Show Attempt History
Current Attempt in Progress
Pharoah Inc. presented the following data:
Net income
$5,695,000
Preferred shares: 67,000 shares outstanding, $100 par, 8% cumulative, not convertible
$6,700,000
Common shares: Shares outstanding, Jan. 1,2023
648,000
Issued for cash, May 1,2023
108,000
Acquired treasury shares for cash, Sept. 1,2023(shares cancelled)
150,000
2-for-1 stock split, Oct. 1,2023
As at January 1,2023, there were no dividends in arrears. On December 31,2023, Pharoah declared and paid the preferred dividend for 2023.
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