Reference no: EM132986191

Question - Pharoah Company had the following Shareholders' Equity section as of February 1, 2021:

Share capital:

Preferred shares, 30,000 issued and outstanding $900,000

Class A common shares, 1,550,000 issued and outstanding 6,200,000

Class B common shares, 42,000 issued and outstanding 882,000

Retained earnings 8,400,000

Total shareholders' equity $16,382,000

On February 16, 2021, Pharoah reacquired and cancelled 5,100 Class A common shares at a cost of $3.50 per share. On April 10, Pharoah issued 7,300 Class A common shares for $6.20 each. On May 31, the company reacquired and cancelled another 2,800 Class A common shares at $5.00 per share.

Required - Make the journal entries required to record these transactions.