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Journalize the transactions and the closing entries

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Question - On January 1, 2020, Pharoah Corporation had the following stockholders' equity accounts.

Common Stock ($26 par value, 62,000 shares issued and outstanding) $1,612,000

Paid-in Capital in Excess of Par-Common Stock 203,000

Retained Earnings 569,000

During the year, the following transactions occurred.

Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1.

Mar. 1 Paid the dividend declared in February.

Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39.

July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share.31Issued the shares for the stock dividend.

Dec. 1 Declared a $0.60 per share dividend to stockholders of record on December 15, payable January 5, 2021.

Determined that net income for the year was $327,000.

Required - Journalize the transactions and the closing entries for net income and dividends.

Reference no: EM132607592

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