Pharoah Corporation's charter authorized 2 million $11 par value common shares, and 300,000 8% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2023: 340,000 common shares were issued for $4.08 million and 11,000 preferred shares were issued for machinery valued at $1,559,000. Subscriptions for 11,300 common shares have been taken, and 40% of the subscription price of $17 per share has been collected. The shares will be issued when the subscription price is collected in full. In addition, 10,000 common shares have been repurchased for $16 and retired. The Retained Earnings balance is $220,000 before considering the transactions above. (a) Prepare the shareholders' equity section of the SFP in good form. PHAROAH CORPORATION Partial Statement of Financial Position $

Pharoah Corporation's charter authorized 2 million $11 par value common shares, and 300,000 8% cumulative and non-participating preferred shares, with a par value of $100 per share. The corporation made the following share transactions through December 31, 2023: 340,000 common shares were issued for $4.08 million and 11,000 preferred shares were issued for machinery valued at $1,559,000. Subscriptions for 11,300 common shares have been taken, and 40% of the subscription price of $17 per share has been collected. The shares will be issued when the subscription price is collected in full. In addition, 10,000 common shares have been repurchased for $16 and retired. The Retained Earnings balance is $220,000 before considering the transactions above. (a) Prepare the shareholders' equity section of the SFP in good form. PHAROAH CORPORATION Partial Statement of Financial Position $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...

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