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P11.7A (LO2,3,4) On January 1, 2020, Primo Corporation had the following stockholders equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par- Common Stock Retained Earnings $750,000 200,000 540,000 During the year, the following transactions ocurred. Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was S15. (The new par value is $5.) Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2021. Determined that net income for the year was $250,000. Feb. 15 Apr. 15 May 15 July 1 Dec. 1 31 Instructions a. Journalize vidends. b. Enter the beginning balances, and post the entries to the stockholders equity accounts. (Note: Open the transactions and the closing entries for net income and di additional stockholders equity accounts as needed.) c. Prepare a stockholders equity section at December 31, 2020.

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Homeert Page Layout FormulasData Review View as Cut aCopy Σ AutoSum ー E ゴWrap Text в ı 프 . Ε.Ο, Δ. : r_一 逻锂函Merge & Center. $, % , 弼,8 conditional Format . Cell Insert Delete Format Sort &Find & 2 ClearFe Select Edting Format Painter Formatting▼ as Table-styles ▼ ▼ ▼ Clipboard Alignment Number Cells F21 te General journal Jan 15 Dividend Debit Credit Beginning Stock divi 750,000 75,000 4 75,000 75,000 Dividend Payable To record Dividend declared.) (75000*1) osing entr Cash dividend Net income Total Feb 15 Dividend Payable 75,000 825,000 Cash 75,000 Balance sheet (Partial) Stockholders equity Common stock ($5 par va Paid in capital excess of p Retained earnings Total Stockholders equit 10 To Record Divind paid.) Apr 15 Retained Earnings (7500 14) 12 13 14 15 16 17 18 19 20 21 105,000 Paid in capital excess of par value common (7500 (14-10)) Common stock dividend distrubtable (7500*10) (To record Stock Dividend Declared.) (Stock issued-75000*1096-7500) 30,000 75,000 May 15Common stock dividend distrubtable 75,000 Common stock 75,000 (To record Stock Dividend Distrubuted.) No entry for Stock split. Only Par value share decraesed to $5 ($10/2). Number of share issued become ((75000+7500)*2) 165000 July 1 23 /4 Ready , Sheet1 13 , Sheet1 14 . Sheet1 15 , Sheet1 16. Sheet1 17 . Sheet1 18 / Sheet1 19 Sheet1 20 Sheet!21 12096 Search the web and Windows A 07-12-18

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