On January 1, 2025, Pharoah Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 10,300 shares Common stock, $10 par value, issued and outstanding 188,000 shares To acquire the net assets of three smaller companies, Pharoah authorized the issuance of an additional 162,000 common shares. Th acquisitions took place as shown below. Date of Acquisition Company A April 1, 2025 Company B July 1, 2025 Company C October 1, 2025 $1,030,000 1,880,000 Shares Issued 50,400 80,400 31,200 On May 14, 2025, Pharoah realized a $88,800 (before taxes) gain on discontinued operations. On December 31, 2025, Pharoah recorded income of $285,600 from continuing operations.

On January 1, 2025, Pharoah Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 10,300 shares Common stock, $10 par value, issued and outstanding 188,000 shares To acquire the net assets of three smaller companies, Pharoah authorized the issuance of an additional 162,000 common shares. Th acquisitions took place as shown below. Date of Acquisition Company A April 1, 2025 Company B July 1, 2025 Company C October 1, 2025 $1,030,000 1,880,000 Shares Issued 50,400 80,400 31,200 On May 14, 2025, Pharoah realized a $88,800 (before taxes) gain on discontinued operations. On December 31, 2025, Pharoah recorded income of $285,600 from continuing operations.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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