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Question - The following selected account balances relate to the shareholders' equity accounts of Pharoah Corp. at year end:
2021
2020
Preferred shares, 3,450 shares in 2021; 2,660 in 2020
$345,000
$266,000
Common shares, 52,200 shares in 2021; 42,500 in 2020
522,000
425,000
Retained earnings
540,000
385,000
Cash dividends declared (preferred shares)
16,000
13,300
Dividends payable
4,088
3,447
Additional information regarding 2021: During the year, 790 preferred shares were issued. No preferred shares were repurchased.
During the year, 20,000 common shares were issued after 10,300 common shares were repurchased at $10 per share.
Required - Determine the amounts of any cash receipts or payments related to the shareholders' equity accounts in 2021.
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